Groupon Slashing 1,100 Jobs, Promises To “Do More With Less”

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When Groupon went public in Nov. 2011, its stock was selling for more than $20/share. With the startup shine gone and so many other companies offering local deals, Groupon shares now trade for around $4 each. In an attempt to breathe new life into the still-young company, it announced today that it will be cutting around a tenth of its workforce and closing up shop in six countries and Puerto Rico.

“Over the next several months we will eliminate approximately 1,100 positions, primarily in international Deal Factory and Customer Service,” explains a blog post from Groupon chief operating officer Rich Williams. “Our teams have done great work to streamline our operations in these and other areas, and our global capabilities and strong regional service centers allow us to do more with less while still providing the high level of service our customers expect and trust.”

In addition to ending its Puerto Rico operation, Groupon will cease to do business in Morocco, Panama, The Philippines, Taiwan, Thailand and Uruguay. The company had already closed up shop in Greece and Turkey.

“We believe that in order for our geographic footprint to be an even bigger advantage, we need to focus our energy and dollars on fewer countries,” writes Williams.

by Chris Morran via Consumerist