Groupon laid off more than 500 of its employees Tuesday in a wide range of areas: merchant development, sales, recruiting, engineering, product and marketing.
So reports TechCrunch, which confirmed the layoffs with the Chicago-based coupon-finding company and obtained CEO Kedar Deshpande’s internal memo to employees about the job cuts and restructuring.
Fifteen percent of its 3,416 employees in North America are impacted. It is also closing its Australia Goods business, which runs on a different platform than Groupon’s other Goods business.
Since Groupon’s founding in 2011, the discount space has grown more competitive and its shoppers have fallen considerably., TechCrunch says.
Groupon laid off and furloughed a total of 2,800 employees in 2020 as the onslaught of the pandemic decimated sales.
The stock, GRPN, closed at $12.56 Tuesday, down 49.7% from $24.95 a year ago.
© 2022 Newsmax Finance. All rights reserved.
Read the full article here