Delivery provider ASAP, which rebranded from Waitr in 2022, declared Chapter 7 and has ceased operations, per security filings. The April 2 filing covers Waitr Holdings Inc. and subsidiaries Waitr Immediate Holdings, Dude Delivery, Cape Payments, Bitesquad, ASAP, Have Fun, CDMX Holdings, Delivery Logistics, Catering on Demand, and KASA Delivery.

ASAP posted a message to its website noting, after 15 years, it made the “tough decision” to discontinue. Per a WARN notice filed with the Louisiana Workforce Commission, it laid off more than 50 people in January from its downtown Lafayette office. ASAP reported a loss of $73.5 million in Q3 2022.

In Tuesday’s filing, the company said, concurrent with or prior to Chapter 7, Carl Grimstad, CEO, Armen Yeghyazarians, CFO, Thomas Pritchard, general counsel, David Cronin, chief engagement officer, and Timothy Newton, chief technology officer, were terminated as executive officers of the company. As of Tuesday, neither the company nor any of the aforementioned subsidiaries had officers or employees. Grimstad, Jonathan Green, Buford Ortale, and J. Daniel Schmidt tendered their resignations from the board. Each did so due to the filing, which effectively eliminates the powers of the board.

A Chapter 7 trustee will now be appointed by the Office of the United States Trustee for the District of Delaware, and the trustee will assume control over the assets and liabilities of the company and subsidiaries, eliminating the authority and powers of the board of directors of the company and each subsidiary (or their respective governing equivalents) and their respective executive officers to act on their behalf. The assets of the company and the subsidiaries will be liquidated and claims paid in accordance with the Bankruptcy Code.

The filing added it was unlikely holders of the company’s common stock would receive any payment or other distribution on account of those shares following proceedings.

The company’s Q3 revenue (alongside the loss) was about $25.1 million, which marked a 42.4 percent year-over-year drop from the prior-year period. It generated $91.4 million for the first nine months of the year versus $143.5 million for the same stretch a year earlier.

ASAP credited the $73.5 million hit to a $53.9 million goodwill impairment payment tied to its flailing stock price. A $67 million goodwill impairment resulted in a $77 million shortfall in Q1 as well. The company posted an $11.7 million loss in Q2.

The last time ASAP recorded a profit was in Q3 2021 ($43.4 million in revenue and $12.3 million in net income). It had more than $80 million in total liabilities at the time of bankruptcy.

The company credited lower order volumes “driven by the highly competitive environment of the delivery business” for its ongoing struggles. It also highlighted inflation and high gas prices for more recent friction.

The goodwill impairment pointed out generally refers to the purchase of another company. ASAP bought Delivery Dudes in March 2021 and multiple payment processing platforms that August.

Over the years, ASAP attempted to diversify to compete with larger players, including the ability to order auto parts, sporting goods, luxury apparel, electrical parts, and other non-food related products. It partnered with online delivery search engine FoodBoss to broaden reach. Waitr Holdings was trading for .084 cents on Monday.

The company on Monday filed an 8-K suggesting it was considering bankruptcy. The previous Friday it ceased operations with respect to carryout services and had stopped fulfilling delivery on February 13.

Founded in Lake Charles, Louisiana, in 2013, Waitr grabbed headlines five years later when it was acquired by billionaire Tilman Fertitta for $308 million. It was listed on the stock market shortly after through an SPAC merger with Landcadia Holdings. Waitr about doubled its footprint the same year after acquiring Bite Squad, which brought it to more than 500 cities and 22 states.

The company struggled in the years following. Founder and CEO Chris Meaux resigned in 2019 and Waitr fell out of compliance with Nasdaq—a move it was able to temporarily reverse thanks to accelerated business during COVID.

It rebranded to ASAP due to a trademark dispute and also to reflect the “delivery anything” approach.