Juul Labs announced it secured funding from investors Thursday and as it tries to avoid bankruptcy, the company will be letting go of around 400 employees—almost a third of its global workforce.
The e-cigarette company also announced that it plans to reduce its operating expenses by 30% to 40% to ensure the firm continues to function.
Juul has faced legal challenges after the Food and Drug Administration (FDA) ordered the company to stop selling its vapes and then put a temporary hold on the order.