Embattled vaping company Juul Labs announced hundreds of layoffs Thursday as the company weathers lawsuits, government bans and increasing competition for its electronic cigarettes.
FDA could ban JUUL products, as agency weighs criticisms that JUUL targets minors, against company claims it helps smokers quit
The layoffs include 400 staffers and are part of a cost-saving plan to immediately cut Juul’s operating budget by 30% to 40%, according to a person familiar with the plan who requested anonymity to discuss its details. The new cash infusion came from two early Juul investors: Nicholas Pritzker, head of Hyatt Hotels, and Riaz Valani, a private equity specialist based in San Francisco, according to the same person.
as a smoking alternative for adults, throwing its future into uncertainty. The FDA said Juul did not adequately address key questions about the potential for chemicals to leech from its device, which heats a flavored nicotine solution into an aerosol. Juul is appealing the FDA decision.
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