Juul cancels plan to broaden outdoors US, to put off employees: report
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E-cigarette producer Juul Labs Inc. plans to put off employees after the beleaguered firm cancels a deliberate growth outdoors the U.S., in keeping with a report.
Folks aware of the matter advised The Wall Road Journal on Thursday that the vaping firm is working to discover longer-tern choices after shopping for a while by way of refinancing its secured debt.
The corporate has about 1,200 staff, together with 100 outdoors the U.S, down from about 3,000 in 2019.
Juul has been embroiled in a dispute with the U.S. Meals and Drug Administration, which tried to ban the main e-cigarette maker’s merchandise earlier this summer season over questions on its potential well being dangers. However the company has been compelled to place that effort on maintain following a courtroom problem.
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Packages of Juul e-cigarettes are displayed on the market within the Brazil Outlet store on June 22, 2022 in Los Angeles, California. (Picture by Mario Tama/Getty Pictures / Getty Pictures)
Because of the dispute, Juul is making ready for a doable chapter submitting and is exploring restructuring choices, the paper reported.
Final month, Juul agreed to pay almost $440 million to settle a two-year investigation by 33 states into the advertising of its high-nicotine vaping merchandise.
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The settlement, which incorporates quite a few restrictions on how Juul can market its merchandise, resolves one of many largest authorized threats going through the beleaguered firm, which nonetheless faces 9 separate lawsuits from different states.
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Moreover, Juul faces tons of of private lawsuits introduced on behalf of youngsters and others who say they grew to become hooked on the corporate’s vaping merchandise.
The Related Press contributed to this report.