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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.

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