LeEco plans to cut 10 percent of workforce

Chinese internet company LeEco is cutting jobs to pull in its horns and relieve its cash flow crunch.

Cash-strapped LeEco, which has a total payroll of 8,000, is planning to cut its workforce by 10 percent, according to the Guangzhou-based Time Weekly.

LeEco didn't deny the report and said that it needed to optimize its operations and reorganize the company.