E-Cig Maker Says Failed Product Launch Led To Bankruptcy

Law360, Wilmington (September 19, 2016, 2:32 PM EDT) -- NJOY Inc., a maker of electronic cigarettes, filed for Chapter 11 protection late Friday in Delaware listing $32 million in debt and saying that the failure of its Kings 2.0 device caused a liquidity crisis for the company.

In court filings, NJOY President Jeffrey Weiss said that the company sustained significant losses when it rolled out an updated version of its wildly successful Kings disposable e-cigarette, Kings 2.0, near the end of 2013. The product's popularity was less than expected and NJOY incurred the costs of rolling out Kings 2.0 while its rejection by consumers led to higher rates of returns...

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