Juul plans to cut a third of its workforce- WSJ

(Reuters) – Juul Labs Inc is planning to cut around a third of its staff as the e-cigarette maker faces a relentless series of regulatory headaches and falling market share, the Wall Street Journal reported on Wednesday.

The cuts, which translate into between 800 and 950 people, are part of a broader restructuring plan and are not related to the novel coronavirus pandemic, the Journal reported here, citing a person familiar with the matter.

“As part of our ongoing reset, we are constantly evaluating our operations and the best way to position our company for the long,” a Juul spokesman said.

Last November, a company official told Reuters said Juul would cut around 650 jobs, or 16%, of its then 4,051-strong workforce as part of Chief Executive Officer K.C. Crosthwaite’s turnaround plan.

Source: Read Full Article