Date
20 January 2017
Groupon is restructuring its overseas operations and exiting some markets. Photo: Bloomberg
Groupon is restructuring its overseas operations and exiting some markets. Photo: Bloomberg

Groupon to cut 1,100 jobs, exit seven nations, in restructuring

Groupon Inc. announced Tuesday that it plans to cut about 1,100 jobs and exit seven countries as part of a global restructuring of its operations.

The cuts represent about 10 percent of the workforce of Chicago-based online deals company.

The company expects to take total charges of US$35 million due to the job cuts, including up to US$24 million in the third quarter.

As part of the restructuring, Groupon will leave Morocco, Panama, the Philippines, Puerto Rico, Taiwan, Thailand and Uruguay.

The company had earlier exited Greece and Turkey.

The restructuring comes as Groupon has struggled to compete with local competitors in many countries, Bloomberg News noted.

The US firm began exploring strategic options for some of its overseas properties a year ago.

In April this year, Groupon sold a controlling stake in South Korean e-commerce site Ticket Monster for US$360 million. 

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