The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Greece, Turkey, Morocco, Panama, the Philippines, Taiwan, Thailand, Uruguay, India, Puerto Rico
Sector
Administrative Services Office Administrative, Office Support And Other Business Support Activities Business Support Service Activities N.E.C. 82.99 - Other business support service activities n.e.c.
1,100 jobs Number of planned job losses
Announcement Date
22 September 2015
Employment effect (start)
22 September 2015
Foreseen end date
Description
As well as pulling out of several countries (Greece, Turkey, Morocco, Panama, the Philippines, Taiwan, Thailand, Uruguay, India, Puerto Rico), Groupon is restructuring its International Deal Factory and Customer Service divisions worldwide, with the majority of the job cuts falling in customer service based roles. The job losses will represent a 10% reduction in the workforce which will fall to a total of around 9,800 employees by September 2016, at an estimated cost of US$ 35 million. This follows the April 2015 announcement of the sale of a controlling stake in e-commerce site Ticket Monster, and a generally poor 2015 for the company, which saw stocks falling by 50% according to Standard & Poors. Groupon will continue to operate in over thirty countries worldwide. This restructuring comes as part of a broad change to the way Groupon is run, with a new CEO appointed and aims to increase its spending to attempt to grasp a larger market share in the countries it will continue to operate in.
Sources
22 September 2015: Groupon Blog Post
22 September 2015: Forbes
22 September 2015: Chicago Tribune
22 September 2015: Reuters
Citation
Eurofound (2015), Groupon, Internal restructuring in World, factsheet number 85204, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85204.
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