• June 22, 2024

Juul Labs Secures Funding, Plans to Lay Off 400 Staff

 Juul Labs Secures Funding, Plans to Lay Off 400 Staff

Credit: Piter2121

Credit: Piter2121

Juul Labs Inc. said on Thursday that the company had secured an investment from some of its early investors that will keep the e-cigarette maker from filing bankruptcy.

The company will also undertake job cuts as part of a reorganization, according to Reuters.

Juul Labs also announced that it will lay off about 400 people and reduce its operating budget by 30 percent to 40 percent.

The company said the investment would help Juul run its business operations, while it goes ahead with its administrative appeal of the U.S. Food and Drug Administration’s marketing denial order related to Juul its e-cigarettes.

Juul Labs did not disclose the size of the investments.