LeEco ‘Committed’ to US, It Says of Slashing Workforce
LeEco put a positive spin Tuesday on its decision to slash the vast majority of its U.S. workforce. It comes roughly six weeks after LeEco blamed "regulatory headwinds" for its failure in closing its $2 billion Vizio acquisition. “While we’ve…
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made progress in growing our distribution channels, the challenges with raising new capital have made it difficult in the past few months to support all of our business’ priorities. As a result, the capital we do have will have to be highly focused resulting in a significant restructuring and streamlining of our business, operations and workforce. This will impact approximately 325 people in the U.S.,” it wrote.