Deal site Groupon has announced that they are ceasing operations in the PH as it undergoes significant downsizing, Tech Crunch reports. The restructuring and as a result, is cutting 1,100 jobs, and will be taking a pre-tax hit of $35 million in the process. Aside from the PH, Groupon is also moving out of other countries including Morocco, Panama, Puerto Rico, Taiwan, Thailand and Uruguay.
“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. So, we decided to exit a number of countries where the required investment and market potential don’t align. You likely saw that we recently exited Greece and Turkey. We are also ceasing operations in Morocco, Panama, The Philippines, Puerto Rico, Taiwan, Thailand and Uruguay,” said COO Rich Williams in the company’s official blog.
Similarly, the Groupon PH (www.beeconomic.com.ph) relays the bad news on their site.
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