Back in November, LeEco's chairman Jia Yueting confirmed that the company is facing severe financial issues. A few days later, rumours about layoffs started emerging online, but were quickly squashed saying that there won't be any layoffs and that the company will find ways to raise funds.
Unfortunately for employees, there will be layoffs in near future in several markets as LeEco plans to downsize its operations in "all its offices in various geographies," including India. The company is slashing its advertising budget, slowing down new product developments and is suspending offline phone sales.
The layoffs were not due to "performance or competence parameters but entirely guided by business imperatives" and is open to offering "outplacement services to affected employees who specifically seek assistance."
http://gadgets.ndtv.com/mobiles/news/leeco-confirms-layoffs-in-india-and-other-regions-talks-about-revamped-strategy-1640311
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