Once considered a Louisiana success story, this company is now weighing bankruptcy

Waitr Holdings Inc., the parent company of ASAP (formerly Waitr), is considering bankruptcy, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on Monday morning.

On Friday night, the Lafayette-based food ordering platform announced it had ceased operations with respect to carry-out services. The company had already ceased delivery services on Feb. 13, according to federal filings.

Waitr Holdings Inc. is now “evaluating its options, including commencing a case under the U.S. Bankruptcy Code,” an item on the Form 8-K reads.

Waitr, which rebranded as ASAP in August 2022, was at one point considered a Louisiana success story.

Founded in Lake Charles in 2013, Waitr was purchased by hospitality industry magnate and Houston Rockets owner Tilman Fertitta for $308 million in May 2018, just before the company was listed on the Nasdaq. Waitr went on to essentially double its footprint later that year when it acquired Minneapolis-based Bite Squad, a move that expanded the company’s reach to more than 500 cities across 22 states.

That momentum proved difficult to sustain, however. In 2019, three high-profile resignations—including the resignation of founder and CEO Chris Meaux—caused Waitr’s share price to plummet. The company fell out of compliance with the Nasdaq shortly thereafter, and while it did regain compliance in 2020 following a surge in business from the COVID-19 pandemic, it was never quite able to regain its footing.

Waitr fell out of compliance with the Nasdaq once more in January 2022, and in February 2023, the company was delisted from the Nasdaq after struggling for months to raise its share price above $1.

“After 15 years of dedicated service, we’ve made the tough decision to cease operations,” a statement on ASAP’s website reads. “We write to you today filled with gratitude for your unwavering loyalty and support throughout our journey.”

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