LeEco To Lay Off 70 Percent Of Its US Employees, Refocus On China
Chinese internet conglomerate LeEco plans to lay off 70 percent of its U.S. staff this week as the company backs away from plans to enter the U.S. market, CNET reported.
The company plans to cut around 325 of its 500 U.S. staffers. LeEco’s U.S. employees are largely focused on selling consumer electronics and TV programming, and the cuts come as LeEco aims to re-emphasize its digital offerings and its Chinese market.