WASHINGTON (AP) — Embattled vaping company Juul Labs announced layoffs Thursday as the company tries to weather growing setbacks to its electronic cigarette business, including lawsuits, government bans and increasing competition.

Juul also said it has obtained new financing from several investors to stay in business, including an effort challenging plans by the Food and Drug Administration to ban its products.

For weeks, industry analysts have speculated that Juul could soon declare bankruptcy or sell itself to another company. Thursday’s announcement appears to have put those plans on hold.

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 company’s rise was fueled by underage 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.

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