Groupon to cut 1,000 jobs

Posted online September 23, 2015 | 11:42 am

Online coupon company Groupon announced yesterday plans to cut over 1,000 jobs, representing a little less than a tenth of its workforce.

In addition to the cuts, Groupon is exiting several countries: Greece, Turkey, Morocco, Panama, The Philippines, Puerto Rico, Taiwan, Thailand and Uruguay. It will maintain operations in over 30 countries.

Launched in Chicago in 2008, Groupon is one of the first startups to receive a valuation of $1 billion or more. But starting around 2012, sales began to lag and investors started dropping the company's stock. The company reportedly lost $820 million between 2009 and 2013.

Read more from The Atlantic.

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