China's Troubled LeEco Said to Plan Cutting Most of U.S. Workers
- LeEco to layoff more than 300 people in its U.S. business
- Employees left will service customers that purchased devices
The LeEco Global Group headquarters in San Jose.
Photographer: David Paul Morris/BloombergChinese technology conglomerate LeEco plans to lay off more than 300 employees in the U.S., reducing the headcount to about 50 people, according to a person familiar with the matter.
The employees left at the whittled-down U.S. business will service customers who have already purchased LeEco devices, the person said, asking not to be named because the cuts aren’t yet public. The layoffs sharply scale back the company’s ambitions in North America, where it made a splashy debut in October. At the time, the company showed off an array of products it planned to sell in the U.S., including high-definition televisions, phones, virtual reality goggles and electric bikes. Bloomberg News reported in April that it missed revenue targets by a wide margin and was planning major job cuts.