May 19 10:09
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- Cash-Strapped LeEco Poised to Roll Out Mass Layoffs: Report
Chinese tech giant LeEco is set to roll out massive layoffs, including a 70% cut in its sports branches, as it continues to struggle with financial problems, the China Business Journal reported.
The layoffs will involve several of LeEco-controlled units including cuts at the marketing and brand center from more than 100 workers down to 30 and a 50% reduction in the sales and service department.
LeSports, its sports video streaming service, will retain only 200 members of its current 700 workforce. Le.com will also lay off 10% of its staff. China Business Network reported LeEco will also lay off about a third of its 475-strong workforce in the U.S. over the next few months, and several top managers have quit.
There are no reports about layoff plans at LeEco’s film and TV operation sectors, the official ECNS reported Friday.