LeEco’s troubles go from bad to worse this week with the news that the company is laying off 85% of staff in India.
LeEco, well LeTV, started off very well with a bunch of handsets that really captured the imagination of us and many of you, but things haven’t been so great for the company for the past few months.
The Chinese company bet enormously on the Indian market and, at least initially, things went pretty well. However, the situation has undergone a change since the company chairman , Jia Yuteing , admitted the company was in financial trouble.
According to new information, Leeco is going through a difficult time even India. Our source claims that the Asian brand has had to layoff ‘ 85% of its employees in India. This is a huge blow to the company and one we wonder how they can come back from such a decision.
The decision apparently comes after the company spent much of its 11 million Euro budget, along with issues with poor sales of the LeEco Smart TV’s in India.
At this stage LeEco have no plans to launch any new products to the Indian market, but current devices in the market should continue to receive updates. Will bring you more details as we get them.