Amid FDA Dispute, Juul Labs Cancels Overseas Expansion Plans, Refinances Some Debt

Juul Labs Inc's CEO, K.C. Crosthwaite, said the company is taking all necessary steps to keep it afloat. Altria Group Inc MO has a minority stake in the company.
The company would lay off some employees after scrapping expansion plans outside the U.S., the Wall Street Journal reported citing the CEO.
Related: E-Cigarette Maker Juul Mulls Potential Bankruptcy
Juul has also refinanced its secured debt, giving it more time to explore more long-term options, the CEO added.
Juul has been preparing for a possible bankruptcy filing amid a dispute with the FDA regarding the sales ban.
"We strongly believe that we have a future, and in that future, there will be Juul products available to millions of adult smokers across the world," Mr. Crosthwaite said Thursday. "To make that future a reality, we have to continue to fight and make tough decisions."
In a federal survey, Juul didn't rank among the most popular e-cigarette brands used by middle- and high-school students.
Puff Bar remained the most popular brand of e-cigarette among young people, according to the survey conducted between January and May. Puff Bar has since been ordered off the market.
Price Action: MO shares are down 0.60% at $42.73 during the premarket session on the last check Friday.
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