Juul Labs plans to lay off roughly 30% of its workforce, whittling its operations as it seeks to raise capital or sell the company.
The e-cigarette maker has been on tenuous financial footing since U.S. regulators last year ordered its vaping products off the market, then suspended the ban pending the company’s appeal.
Juul staved off bankruptcy last fall after some early investors bailed it out. Since then, Juul has sought and failed to make a deal with a larger company on a sale, investment or licensing arrangement that could provide capital to continue its operations.
Read the full story on The Wall Street Journal here.