E-cigarette company says it’s evaluating resources to further secure its business,
SAN FRANCISCO —E-cigarette maker Juul Labs said it is evaluating its resources to further secure its business for the long-term and to ultimately end the era of the combustible cigarette.
Part of this initiative includes making a “significant global reduction in force,” the company said on its website, and exploring the possibility of exiting a variety of markets in Europe, the Middle East and Africa and Asia-Pacific.
Throughout the past year, the category has endured tough conditions and the global coronavirus pandemic and ongoing economic crisis added a level of uncertainty around the world for which Juul needs to prepare, the company said. To better serve its mission, it must prioritize its resources.
“This will allow Juul Labs to continue to invest in science and evidence capabilities, access control technologies and future products in core markets that make up a vast majority of our business,” San Francisco-based Juul said. “While those investments will not provide short-term revenue, they will help us earn trust and build a company for the long term to advance the potential for harm reduction for adult smokers and combat underage usage. Additionally, and under the right conditions, this provides the option to expand into potential new markets.”
A Juul spokesperson told CSP Daily News that no final decisions have been made as of Sept. 8 as to how many employees may be laid off.
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