in re: Juul -- ABJ coincidentally has an article:
Juul Labs Inc. will cut about 650 jobs as the e-cigarette maker works to trim $1 billion in expenses in the wake of regulatory and business issues.
The job cuts make up about 16% of the San Francisco-based company's worldwide workforce of more than 4,000, the Wall Street Journal reports. That marks an abrupt reversal of Juul’s massive hiring spree over the past several years. This year alone, it had hired an average of 300 people per month, the company has said.
Juul has had its sights set on Austin for awhile for a new office. Austin Business Journal reported in April that the company planned to hire at least 48 people in the Texas capital. ABJ reported in June that the company had leased nearly 63,749 square feet in Central Austin.
It is unclear how Juul is moving forward in Austin. When asked about any impact on Austin operations from the new cuts, Juul responded with an outline for the company's overall strategy, including its halt to all broadcast, print and digital advertising in the United States.
Juul currently lists one job opening in Austin on its career website: senior manager for data and insights in the sales division.
In addition to cutting jobs, Juul will trim its spending by nearly $1 billion, targeting its marketing and government affairs efforts. Axios earlier reported the size of the budget cuts.
The cuts in jobs and spending are part of the company's broad recovery plan after government regulators targeted Juul following a rise in teenage vaping. Juul halted U.S. sales earlier this month of its mint-flavored e-cigarettes in retail stores and its website. It was the company's latest step in pulling its products from the market as regulators prepare to issue new guidelines for the industry.
Juul's recent moves are likely to hit to its already shrinking revenue and raise questions about its viability. Tobacco giant Altria Group recently wrote down the value of its $12.8 billion investment in Juul Labs by a third.
https://www.bizjournals.com/austin/n...-spending.html