In a battle for survival, Juul Labs Inc. is canceling plans for overseas expansion and has refinanced some of its debt, leaders told employees on Thursday.
“The board, the leadership team and I are continuing to evaluate all options to ensure we Take all necessary steps to fight for survival, which has been going on for many years.”
The company has been preparing for a possible bankruptcy filing amid a dispute with the U.S. Food and Drug Administration over whether its e-cigarettes will remain available in the U.S. Crosthwaite said Thursday that the company is evaluating various restructuring options, including filing for bankruptcy, but has not yet made a decision.
Crosthwaite said the company would cut some jobs after scaling back overseas expansion plans. He said Juul had refinanced its mortgage debt, giving it more time to explore longer-term options.
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