Juul Labs Inc said on Thursday it had secured an investment from some of its early investors and will undertake a reorganization, including job cuts to keep its business running.
The e-cigarette maker plans to lay off about 400 people and reduce its operating budget by 30% to 40%.
The move to stop bankruptcy preparations helps the company maintain its business operations and pursue its administrative appeal of the U.S. Food and Drug Administration’s marketing denial order.
In July, the company said it was in the early stages of exploring options including financing alternatives, as it had to deal with lawsuits related to marketing of its e-cigarettes in the United States.
