LeEco has been reduced by nearly 70% of the employees of the American division and will now focus on of Chinese speaking clients
Company LeEco continues to struggle with the consequences of the reckless spending of its own funds. Last month, the Network appeared rumors that the company may lay off 30% of the staff of the American division, which consisted of 475 people.
Now it is reported that yesterday the company announced that it fired about 70% of the staff. More specifically, the work lost 325 people. The company will remain in the U.S., but will focus on very specific market: the Chinese-speaking consumers. That is loud announcements for US to expect in the near future is not necessary, as any major transactions.
Analyst IDC said that in the US there are about 4 million of Chinese speaking households. However, according to him, LeEco would be extremely difficult to achieve in such a market because of specific needs in advertising and distribution.