Online retailer Enjoy Technology Inc. received approval from a U.S. bankruptcy court on Friday to sell its business to technology repair company Asurion LLC for $110 million, Reuters reported. U.S. Bankruptcy Judge J. Kate Stickles in Wilmington, Del., signed off on the sale at a hearing on Friday, saying it was a reasonable exercise of the debtor's business judgment and was a fair, arms-length transaction. Enjoy, a Palo Alto, Calif.-based startup, filed for bankruptcy protection on June 30 with $26 million in debt. Asurion offered to provide the company with a $55 million bankruptcy loan and to buy it. Enjoy had contacted more than 30 other potential suitors since filing for bankruptcy, but it canceled a planned auction after none of them chose to outbid Asurion. Founded in 2014 by former Apple Inc and JCPenney Co executive Ron Johnson, the company filed for chapter 11 protection less than nine months after going public through a special-purpose acquisition company (SPAC). Enjoy sells smartphones and other technology products in the U.S., U.K. and Canada, delivering products and providing tech support to customers' homes.
