BEIJING (Reuters) — IBM (IBM) will completely shutter its China R&D, with resulting layoffs affecting over 1,000 jobs, Chinese media outlet Yicai reported on Monday, citing a statement from the company.

IBM, the world's biggest technology services company, did not immediately respond to a request for comment.

The decision comes amid the company's struggles with falling demand for its hardware and challenges in growth markets like China.

(Reporting by Eduardo Baptista; Editing by Christopher Cushing)