Groupon to Cut 1,100 Jobs, Shutter 7 International Offices

Published by: Andy on 22nd Sep 2015 | View all blogs by Andy

Groupon to Cut 1,100 Jobs, Shutter 7 International Offices

Groupon once turned down a multi-billion dollar buyout offer from tech giant Google, but the company probably wishes it had another chance at the offer based on recent performance. The formerly promising tech firm revealed Tuesday that it will reduce its workforce by 10 percent and shut down operations in seven countries, laying off some 1,100 workers in the process. The announcement came via a blog post on Tuesday from the company's COO, Rich Williams. According to the post, jobs to be cut include customer service and international sales positions. Having already closed operations in Greece and Turkey, the company will now shutter offices in Morocco, Panama, the Philippines, Puerto Rico, Taiwan, Thailand, and Uruguay, Williams said.

Groupon launched an initial public offering in November 2011. The highly anticipated IPO quickly became the largest Internet-related offering in US history. The stock's price has been in a free-fall ever since, however, with shares losing 80 percent of their value since then. This year has been particularly troubling for the company, as shares have fallen nearly 50 percent since the beginning of the year.

Comments

0 Comments

     
Please login or sign up to post on this network.
Click here to sign up now.

Latest DT's

  • View DT's
    Here's a great bio that Full in Bloom did for the band Possessedhttp://fullinbloommusic.com/biography-possessed.html View DT's
    3 years ago by Geno
  • View DT's
    Rated: PG-13 In Theaters: January 24th Director: Stuart Beattie Starring: Aaron Eckhart, Bill Nighy, Yvonne ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: January 10th Director: Renny Harlin Starring: Kellan Lutz, Gaia Weiss, Scott Adkins View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: December 4th Director: Scott Cooper Starring: Christian Bale, Casey Affleck, Zoe Saldana, Sam ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: December 13th Director: Peter Jackson Starring: Ian McKellen, Martin Freeman, Richard ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: January 3rd Director: Gregory Plotkin Starring: Andrew Jacobs, Jorge Diaz, Gabrielle Walsh View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: TBD In Theaters: February 7th Director: George Clooney Starring: George Clooney, Matt Damon, Bill Murray, Cate ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: January 17th Director: Tim Story Starring: Ice Cube, Kevin Hart, John Leguizamo, Bruce ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: January 17th Directors: Matt Bettinelli-Olpin, Tyler Gillett Starring: Allison Miller, Zach ... View DT's
    3 years ago by dallaseste

Top Authors

Subscribe