ASAP, Formerly Known as Waitr, Shuts Down After 15 Years of Operation Founded in Louisiana

ASAP, a company that made its name in the delivery and carryout business under the name Waitr, has officially ceased operations. The announcement came through a heartfelt message on the company's website, marking the end of a 15-year journey that began in the heart of Acadiana.

Founded in Lake Charles in 2015 by entrepreneur Chris Meaux, Waitr quickly became successful Louisiana and in the southeastern United States, expanding rapidly and outpacing revenue projections. The startup's quick growth was attributed to the company being able to bring a trending service to the market before national competitors caught on. Waitr's story began with big wins, as the company went public on the Nasdaq stock exchange in December 2018 after a $308 million acquisition by Texas billionaire Tilman Fertitta's Landcadia Holdings. At its peak, Waitr's market capitalization soared beyond $600 million, and the company employed more than 9,000 people.

However, there were challenges. Despite early success, Waitr faced mounting pressure from competitors and a changing market landscape, leading to financial struggles and a series of layoffs. The company, which rebranded to ASAP in 2022 due to a trademark issue, attempted to pivot to a broader "delivery anything" model, expanding its services beyond food to include alcohol, apparel, sporting goods, and auto parts. This shift, however, was not enough to reverse the trajectory of the struggling delivery service.

In recent years, ASAP experienced significant financial losses, culminating in a $73.5 million net loss in the third quarter of 2022. The company's difficulties were compounded by a notification from Nasdaq in January 2023, indicating that ASAP's parent company, Waitr Holdings Inc., would be removed from the Nasdaq Capital Market due to its failure to meet the minimum stock price requirement.

As the company bids "Goodbye for now," it leaves behind a legacy of entrepreneurship and a reminder of the challenges businesses face in adapting to rapidly changing market conditions.

Dear Valued Customers,

With a heavy heart, we share the news of the closure of our delivery and carryout business. After 15 years of dedicated service, we've made the tough decision to cease operations. We write to you today filled with gratitude for your unwavering support and loyalty throughout our journey.

Thank you for being an integral part of our journey.

Sincerely,
ASAP

See the statement via the ASAP website and see more on this story at NOLA.com.