Vaping company Juul cuts 400 jobs amid growing setbacks
The Associated Press
WASHINGTON (AP) – Embattled vaping company Juul Labs is announcing layoffs as the company tries to navigate growing setbacks to its electronic cigarette business.
The company also said Thursday it has obtained new financing from several investors that will allow the company to stay in business.
For weeks, industry analysts have speculated that Juul could soon declare bankruptcy or sell itself to another company.
Thursday’s news appears to have put those plans on hold.
Juul was once the leading U.S. vaping company, but its prospects have dimmed amid a political backlash to underage use of its products.
U.S. regulators are currently seeking to ban Juul’s e-cigarettes from the market. The company is appealing that decision.
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11/10/2022 2:41:52 PM (GMT -6:00)