LeEco Reportedly Selling US Office Furniture on Craigslist
【Summary】In just one year’s time, the Chinese tech giant LeEco publicly announced the firing of 325 employees from its staff of 500. Now, Chinese media reports that the company is even selling its office furniture on Craigslist, and the San Jose office remains empty, even during working hours.
In just one year's time, the Chinese tech giant LeEco publicly announced the firing of 325 employees from its staff of 500. Now, Chinese media reports that the company is even selling its office furniture on Craigslist, and the San Jose office remains empty, even during working hours.
According to Chinese media outlet PingWest, LeEco's US headquarters is located on North 1st Street in San Jose, California. The building was dark during work hours when viewed from the outside. The nearly empty parking lot hints that there are few employees working there.
"The building has been like this for months. People are leaving, and until this week, it's almost empty now." A passerby who works in the building on the opposite side of road told PingWest. And there's even people coming occasionally to get the furniture that LeEco posts on Craigslist.
"I can't imagine why such a big company ends up selling office tables one by one. At worst they would sell those equipments in total." Someone who came to LeEco to get furniture told the media reporter.
Later, an employee came out of the LeEco building cautiously, not willing to release her name. She told PingWest that the company is selling many tables and computers which used to belong to former employees. Almost all of the people have left, and a large part of the office space might be leased out later to another company.
The firing plan has started much earlier
According to a LeEco insider's post on Glassdoor reviews, LeEco started laying off employees in March, and plans to cut another 150 employees in the upcoming months "because of financial stupidity from executive team". He even revealed that both LeEco US and Faraday Future can barely afford the payroll for employees right now.
Moreover, an insider who registered as VP of LeEco released more details on Glassdoor. He said the 49-acre property the company purchased from Yahoo has continuously been used as an supplemental parking lot for Levi's Stadium. When LeEco announced their ambitious plan to acquire Vizio for $2 billion, they entrusted a third-party organization with $100 million as deposit. Now that there is a financial shortage, they have been thinking about ways to get that money back.
An ex-employee told PingWest that LeEco America recruited many talents from big companies such as Google, Samsung, and HTC. However, the management back in China would refuse to listen to people's opinions, and forced engineers to launch some unfinished products which still needed bug fixes.
Meanwhile, LeEco's office in India has also experienced job cuts from the original 350 employees to only 80 since March this year. Its closely-related EV company Faraday Future is now seeking $1 billion investment to fund its production, and confirmed that LeEco chairman Yueting Jia won't be investing any more money in the company.
Claire Peng has over 6 years of professional experience in the media industry, covering TV, newspaper and online media. She was once a reporter and producer for Fairchild Television based in Toronto Canada, and worked as an English news reporter for the Global Times in Beijing. She writes mainly about self-driving, companies investment, and the enterprise lab.
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