LeEco bought Vizio last year for $2 billion to establish an immediate American presence.
May 23, 2017
‘Chinese consumer electronics company LeEco officially put the brakes on its ambitious U.S. expansion plans Tuesday, laying off 325 of its U.S.-based staff and in turn acknowledging that it had underestimated the challenges of selling its products and services to North American consumers.
In a statement, LeEco said that it is undergoing “a significant restructuring and streamlining of our business, operations and workforce.” The company said that it was committed to its U.S. business, and to supporting its existing customers, but that any further U.S. expansion would have to wait until it had solved financing issues.’