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Juul planning to make significant 'reduction in force' as it looks to future

Juul planning to make significant 'reduction in force' as it looks to future
Posted at 12:36 PM, Sep 04, 2020
and last updated 2020-09-04 15:36:34-04

E-cigarette maker Juul Labs says they are planning to make a significant "reduction in force" as it looks to the future.

The company announced the move in a statement as it also looks to pull out of some international markets as they "have not provided the kind of return necessary given the cost to continue investing in the market."

According to the Wall Street Journal, the company is reportedly looking to lay off about 1,200 employees, nearly half its workforce. Earlier this year, the company laid off 1,000 employees, Forbes reported.

Last year, at least four lawsuits were filed against the company claiming its ads were targeting young people.

They also stopped selling several flavored products in the United States last year.

The company also replaced its CEO last year.

The company said they are looking to rebuild trust with its key stakeholders and the public.

"To better serve our mission, we must prioritize how we use our resources to execute on our long-term, focused approach," the company said in a statement. "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. 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."