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LeEco Said To Lay Off Over 80 Percent of US Workforce (cnbc.com)

Posted by BeauHD on from the in-over-your-head dept.

An anonymous reader quotes a report from CNBC: LeEco, a Chinese company that made a big splash in the U.S. last fall, is preparing for a round of layoffs that may happen as soon as Tuesday, according to sources. Two people told CNBC the company is planning massive layoffs in the U.S., with one source saying that only 60 employees will be left after the cut. The company's current headcount in the U.S. is over 500, according to this person. CNBC obtained an email calling employees together for a Town Hall Meeting that will occur in three of the company's U.S. locations, including San Diego, Santa Monica and San Jose, at 10 a.m. PST. The email asks employees to attend unless they're off for the day, in which case they're asked to call in. It's not clear what will be announced at the meeting, but a second source told CNBC that layoffs will be announced tomorrow. Under the restructuring, LeEco will refocus on encouraging Chinese-American consumers to watch LeEco's Chinese content library, one person said.

5 of 104 comments (clear)

  1. Who are they by houghi · · Score: 4, Insightful

    and they do what? And I should care why?

    --
    Don't fight for your country, if your country does not fight for you.
  2. astonishingly bad summary by SethJohnson · · Score: 4, Insightful

    It would be helpful to readers if the summary contained any info at all about the company's main product or reason why this is significant. Instead, the summary dwells only on the method of the layoffs, which is not original at all.

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    $5 / month hosted VPS on linux = awesome!
  3. The Politically Correct Business BS by Herkum01 · · Score: 1, Insightful

    Layoff - a discharge, especially temporary, of a worker or workers

    I love how business has gotten so good at crafting the message. They didn't fired everyone, they were layed off. Like the dead were going to come back to life or something.

    1. Re:The Politically Correct Business BS by Trailer+Trash · · Score: 3, Insightful

      There is a difference in the terms:
      Fired = let go for cause.
      Laid off = let go due to company downsizing or similar, not due to employee fault.

      Sometimes there's a reason people use different words, and it's usually because they have different meanings.

      Not only that, but if you grew up in a factory town like I did there was a big difference between being fired and being laid off. Laid off was often temporary. If sales were down the factory would cut back on production and cut back on staffing by laying off some workers. When sales were back up the laid off workers were called up again. That's pretty normal.

      --
      Do you have ESP?
  4. Re:Signs of things to come. by Anonymous Coward · · Score: 1, Insightful

    Wow, any piece can be used for anti-US propaganda. Stuff happens. The US may not be perfect, but there is a reason why the top tier businesses come to the US, and that is freedom of speech and collaboration. You can make fun of the President and not disappear. You can troll and not disappear.

    If you want to know when to put on the brown pants, is when the top think tanks and intelligent people/groups start abandoning the US to go to another country. Some ratty Chinese unicorn-wannabe... who cares. When you see China start moving all their citizens to another nation's universities... then get scared.