Embattled vaping company Juul Labs announced hundreds of layoffs Thursday as the company weathers lawsuits, government bans and increasing competition for its electronic cigarettes.
Juul said it has obtained new financing to stay in business and continue operations, which includes challenging plans by the Food and Drug Administration to ban its products.
The layoffs include 400 staffers and are part of a cost-saving plan to immediately cut Juul's operating budget by 30% to 40%, according to a person familiar with the plan who requested anonymity to discuss its details. The new cash infusion came from two early Juul investors: Nicholas Pritzker, head of Hyatt Hotels, and Riaz Valani, a private equity specialist based in San Francisco, according to the same person.
For weeks, industry analysts have speculated that Juul could soon declare bankruptcy or sell itself to another company. Thursday's announcement appears to have at least delayed any move in that direction.
"This investment will allow Juul Labs to maintain business operations, continue advancing its administrative appeal of the FDA's marketing denial order and support product innovation and science generation," a company spokesperson wrote in an email.
The Wall Street Journal first reported the news Thursday morning.
Juul rocketed to the top of the U.S. vaping market five years ago on the popularity of flavors like mango, mint and creme brulee. But the San Francisco company's rise was fueled by use among teenagers, some of whom became hooked on Juul's high-nicotine pods.
The backlash against teen vaping triggered a series of government actions that have forced the company into retreat. Since 2019, Juul has dropped all U.S. advertising and discontinued most of its flavors.
The biggest blow came in June when the Food and Drug Administration rejected the company's application to keep its product on the market as a smoking alternative for adults, throwing its future into uncertainty. The FDA said Juul did not adequately address key questions about the potential for chemicals to leech from its device. The FDA has placed a temporary hold on its initial decision while Juul files an appeal.
Another setback came in September when the company's largest investor, tobacco giant Altria, announced plans to resume competing on its own in the e-cigarette space.
Altria pulled its own e-cigarettes off the market in 2018 after taking a nearly US$13 billion stake in Juul. But that investment has lost more than 95% of its value as Juul's prospects have dimmed, giving Altria the option to exit its non-compete agreement.
The decision means Juul could soon be forced to battle for space on retail shelves with Marlboro-maker Altria, along with longstanding competitors like Reynolds American's Vuse, which recently edged past Juul to become the leading U.S. vaping brand.
Juul's share of the US$5.5 billion retail market has plummeted to about 33% from a high of 75% several years ago.
While Juul is no a longer popular with U.S. teens, the company remains a target for politicians in Washington and throughout the country seeking to crackdown on youth vaping.
In September, Juul announced it would pay US$440 million to settle an investigation by nearly three dozen states into its marketing practices and their contribution to the spike in underage vaping. Juul still faces nine separate lawsuits from other states. And thousands of personal lawsuits filed by individual and families have been consolidated in a California federal district court.
About 10 senior Hezbollah commanders were killed along with Ibrahim Aqil, leader of the movement's Radwan special forces unit who was attacked in an Israeli air strike in Beirut on Friday, Israel's military spokesperson said.
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
Transport Canada has issued a recall for 38,000 General Motors (GM) vehicles for safety risks related to a software glitch, the agency reported in a notice on Wednesday.
An Ontario man says he’s still waiting for a vehicle he purchased on Kijiji to be delivered to his home. But after more than a month, he says he’s losing hope that the car will arrive and believes that he is a victim of a scam.
The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
Israel’s military has struck the southern suburbs of Beirut, Lebanon’s capital, in a dramatic escalation in a year-long period of conflict between Israel and Hezbollah.
Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.
Following the MIND diet for 10 years produced a small but significant decrease in the risk of developing thinking, concentration and memory problems, a new study found.
Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
Transport Canada has issued a recall for 38,000 General Motors (GM) vehicles for safety risks related to a software glitch, the agency reported in a notice on Wednesday.
A field trip aimed at educating Toronto students about the plight of a northern Ontario First Nation ended with them taking part in a protest where pro-Palestinian slogans were shouted.
The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.
The second-degree murder trial of Thomas Hamp is being adjourned until December so an expert witness central to the trial can testify.
Lawyers in Britain representing dozens of alleged victims -- including three Canadians -- of Mohamed Al Fayed, the former boss of Harrods, said Friday their clients assert that he was a "monster" who raped and sexually abused young women.
Mexican President Andres Manuel Lopez Obrador blamed the United States in part on Thursday for the surge in cartel violence terrorizing the northern state of Sinaloa which has left at least 30 people dead in the past week.
Communication breakdowns with local law enforcement hampered the Secret Service's performance ahead of a July assassination attempt on former U.S. president Donald Trump, according to a new report that lays out a litany of missed opportunities to stop a gunman who opened fire from an unsecured roof.
Israel’s military has struck the southern suburbs of Beirut, Lebanon’s capital, in a dramatic escalation in a year-long period of conflict between Israel and Hezbollah.
Lawmakers are scrambling to ensure that the U.S. Secret Service has enough money and resources to keep the nation's presidential candidates safe amid repeated threats of violence. It's unclear, though, how much they can do with only weeks before the election, or if additional dollars would make an immediate difference.
The families of the six workers who died in the March collapse of the Francis Scott Key Bridge in Baltimore filed lawsuits on Friday against the owner and operator of the cargo ship that struck the bridge.
Prime Minister Justin Trudeau tapped Treasury Board President Anita Anand to take on additional duties as Canada's minister of transport on Thursday.
Conservative Leader Pierre Poilievre and NDP Leader Jagmeet Singh got into a heated exchange in the House of Commons on Thursday, just minutes after Singh announced his party would not be supporting the Conservatives' first non-confidence motion against Prime Minister Justin Trudeau's government.
Foreign Affairs Minister Melanie Joly is convening female foreign ministers from a dozen countries to talk about women's participation in governance and issues like online harassment.
The Nunavut government says it will provide immunization against respiratory syncytial virus to all infants in the territory this fall, a policy change that one pediatric infectious diseases specialist has been advocating for decades.
Ontario’s Minister of Sport, Neil Lumsden, will donate his brain to research.
Software company Mustimuhw Information, which develops medical records systems built on a foundation of Indigenous traditions and values, is allowing health providers to capture data informed by cultural practices.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
If something looks too good to be true, it might be. That's the message from Saskatchewan horticulturists after customers have come into their stores hoping to buy purple apple trees this month.
Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of 'remotely disabling' his Cybertruck, which had been sent to the frontline of Russia's war in Ukraine.
Sean "Diddy" Combs, who was arrested this week on charges of racketeering conspiracy and sex trafficking, pleaded not guilty Tuesday and was ordered to remain in custody until his federal trial in New York. CNN spoke to several legal experts to try to understand what lies ahead for Combs and for those in his orbit.
Viewers of Jeopardy got a chance to test their knowledge of trivia about B.C.'s biggest city Wednesday night.
Lawyers representing the producers of 'Russians at War' say they may pursue legal action against Ontario's public broadcaster for pulling support for the controversial documentary amid outcry from the Ukrainian community and some Canadian politicians.
Bank of Canada governor Tiff Macklem says there is a lot of uncertainty around how artificial intelligence could affect the economy moving forward, including the labour market and price growth.
A case involving stolen funds from a Saskatchewan business being used to purchase cryptocurrency will be heading back to the courts, thanks to a new decision by Saskatchewan's Court of Appeal.
Self-service kiosks at McDonald's and other fast-food chains have loomed as job killers since they were first rolled out 25 years ago. But nobody predicted what actually happened.
A new study found that food fussiness in children is “a largely genetic trait,†while other factors, such as the types of foods eaten at home and where meals are eaten, may only be significant when the child is a toddler.
A huge king penguin chick named Pesto, who weighs as much as both his parents combined, has become a social media celebrity and a star attraction at an Australian aquarium.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
Agreement in principle has been reached to build a new NHL arena at LeBreton Flats has been reached between the Ottawa Senators and the National Capital Commission (NCC), sources tell CTV News Ottawa.
The Winnipeg Jets have some huge holes to fill on both offence and defence this season.
Shohei Ohtani became the first major league player to hit 50 home runs and steal 50 bases in a season, with the Los Angeles Dodgers star going deep twice to reach the half-century mark and swiping two bags to get to 51 against the Miami Marlins on Thursday.
Transport Canada has issued a recall for 38,000 General Motors (GM) vehicles for safety risks related to a software glitch, the agency reported in a notice on Wednesday.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
Video of a brazen daylight auto theft which shows a suspect running over a victim in a stolen luxury SUV has been released by police west of Toronto.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.
A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.
David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.
Edmontonians can count themselves lucky to ever see one tiger salamander, let alone the thousands one local woman says recently descended on her childhood home.
Thousands of protesters are expected to march into downtown Vancouver on Friday, demanding more action from their government to address the growing climate crisis.
Members of the only organized support group for the Vancouver Canucks are feeling slighted after losing their usual space at Rogers Arena.
There have been more reports of a Bitcoin extortion scam seeking to exploit viewers of "adult content" in B.C.'s Lower Mainland, according to the RCMP.
The Ford government is considering restricting Ontario municipalities from installing new bike lanes that would require the removal of lanes of traffic, a source confirms to CTV News Toronto.
For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.
A field trip aimed at educating Toronto students about the plight of a northern Ontario First Nation ended with them taking part in a protest where pro-Palestinian slogans were shouted.
Defence counsel for accused murderer John-Christopher Arrizza argues he was in an “altered state of mind†due to days of drug and alcohol use, sleep deprivation and not eating, when he fatally stabbed a man at a Banff nightclub in 2022.
Calgary pickleball players will soon have a dozen new courts to play on.
An Airdrie man says he was having his morning coffee when he discovered he had won $1 million.
Agreement in principle has been reached to build a new NHL arena at LeBreton Flats has been reached between the Ottawa Senators and the National Capital Commission (NCC), sources tell CTV News Ottawa.
The Ottawa Police Service Arson Unit is seeking witnesses to a fire that happened early Friday morning in a two-storey commercial building in Little Italy.
Police say a man, 34, who was taken to hospital in critical condition after being shot Thursday night has died.
The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.
The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.
A man who asserted his right to work in French has won his case before the Tribunal, invoking the new provisions of the province's French-language law (Bill 96) to that effect.
Edmonton police are warning about traffic disruptions on Friday near the headquarters of the Alberta Teachers' Association, where a protest against the inclusion of sexual orientation and gender identity in school curricula will be taking place.
Mounties say there was an increased police presence in the Emerald Hills area of Sherwood Park on Friday morning as officers searched for a man who is wanted by police.
A mother and daughter say they woke up to flames encroaching on their third-floor apartment near Commonwealth Stadium early Friday morning.
A Nova Scotia woman has applied for a medically assisted death, saying after years of battling to receive out-of-country surgery for an illness that causes "indescribable" pain, she struggles to maintain the will to live.
The families of some students who will be using Nova Scotia’s school lunch program can now order their meals online.
Gas prices increased in all three Maritime provinces for the first time in more than a month.
The Winnipeg Police Service (WPS) has made an arrest following a fire that claimed the lives of two people.
Shamattawa RCMP are searching for a missing six-year-old boy who hasn’t been seen since Wednesday morning.
A Winnipeg pet rescue is putting out a warning to dog owners across the city about a possible parvovirus in the province.
Driving into the tunnels of Nutrien's Rocanville mine, the largest potash mine in the world by production volume, feels like driving down a lonely highway in the middle of the night.
A tornado in Langbank, Sask. on Wednesday was the third latest in the province on record, according to Environment and Climate Change Canada (ECCC).
The second-degree murder trial of Thomas Hamp is being adjourned until December so an expert witness central to the trial can testify.
Amber and Adam Brueckner have a pool-shaped hole in their backyard – and their wallets.
The missing family that was last seen in Kitchener, Ont. on Sept. 1 has been found safe, according to police.
A 43-year-old Guelph woman is wanted after police say she broke into a house and made herself at home.
The second-degree murder trial of Thomas Hamp is being adjourned until December so an expert witness central to the trial can testify.
A 69-year-old woman from Outlook, Saskatchewan is dead and three people are injured after a truck and SUV collided on Highway 15 on Thursday.
A gym teacher at a private Christian school in Saskatoon has been charged. Terra MacEwan, 44, is charged with assault with a weapon. A Saskatoon mother who spoke with CTV News says her autistic son was MacEwan's victim.
Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.
Two people emerged unhurt after a float plane had a hard landing late Friday morning on Lake Temiskaming.
Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.
The Elgin Community Health Hub, operated by the Thames Valley Family Health Team, is accepting new patients to a model where doctors are rarely seen.
Members of the 2SLGBTQ+ community and supportetrs greatly outnumbered the people attending a '1 Million March 4 Children' event along Central Avenue.
Today, the 71 year old is marking 50 years a paramedic. He said he never aspired to move into management or a desk job, he enjoys being on the road, helping patients too much.
Two men from Barrie have been charged after a deadly shooting at a park in Keswick on Wednesday.
Police are investigating after they say several firearms and other valuables were stolen from a home in Tiny Township.
The Barrie Transit Field Trip Pass Program offers free elementary and high school transportation for students and teachers, removing the hassle of booking charter buses and managing the costs.
Windsor police say a 25-year-old mother has been charged with the drowning death of her 5-year-old child in the family’s backyard pool.
On Thursday, just after 9:30 a.m., a man was found and taken to police headquarters, where he was released with conditions and a future court date.
Tourism Windsor Essex Pelee Island (TWEPI) has launched a new visual journey, called “Eyes on Artâ€.
In a rare move, the Greater Victoria School District Board of Education has been slapped with a ministerial order from the province requiring it to update a student safety plan – drawing concern around political posturing leading up to an election.
Getting a bed at one of British Columbia's drug detoxification facilities is like winning the lottery, the vice-president on the Nuu-chah-nulth Tribal Council says.
The Union of B.C. Municipalities is asking the provincial government to make transit free for teenagers.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.
A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.
Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.
A new community health profile in the Algoma District shows the area is significantly below provincial averages in a number of health metrics.
North Bay Police Service says one person has died following an industrial accident at the Ontario Northland Transportation Commission Rail Yard on Tuesday.
Three northern Ontario residents are charged with drug trafficking after the vehicle they were in got stuck along a bush road off Highway 17 on Monday.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
