{"id":603135,"date":"2023-01-31T07:49:04","date_gmt":"2023-01-31T13:49:04","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/31\/groupon-cuts-another-500-employees-in-the-second-round-of-layoffs\/"},"modified":"2023-01-31T07:49:04","modified_gmt":"2023-01-31T13:49:04","slug":"groupon-cuts-another-500-employees-in-the-second-round-of-layoffs","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/31\/groupon-cuts-another-500-employees-in-the-second-round-of-layoffs\/","title":{"rendered":"Groupon cuts another 500 employees in the second round of layoffs"},"content":{"rendered":"
\n

Groupon has laid off another 500 employees in a bid to cut costs, the company said in an SEC filing<\/a> last week. The e-commerce company had cut 500 jobs<\/a> \u2014 nearly 15% of its workforce then \u2014 previously in August 2022.<\/p>\n

The company said that this new set of layoffs will be spread across the first two quarters of this year.<\/p>\n

\u201cOn January 25, 2023, the Board of Directors of Groupon, Inc. approved the second phase of the Company\u2019s multi-phase restructuring plan, which is part of the Company\u2019s comprehensive cost savings plan, announced in August 2022. This second phase is expected to include an overall reduction of approximately 500 positions globally, with the majority of these reductions expected to occur by the end of the second quarter of 2023,\u201d Groupon said in a filing.<\/p>\n

The latest round of cuts will impact almost 20% of its employee base \u2014 the company reportedly<\/a> had 2,500 employees in late December.<\/p>\n

Over the last week, several employees posted about the layoff on LinkedIn<\/a>. The company\u2019s Chief People Officer Kirstin Barbor said<\/a> Groupon \u201chad to part ways with several very talented teammates in NAM, across all levels of leadership.\u201d<\/p>\n

TechCrunch sent several emails to Groupon before publishing to get more info about the layoffs, but the company didn\u2019t respond at the time of writing.<\/p>\n

Groupon has had several challenges over the years from increasing competition to dwindling userbase. According to Statista<\/a>, 22.1 million people purchased at least one offer on the site in Q1 2022 \u2014 a sharp fall from 53.9 million in Q1 20214.<\/p>\n

The company said in the SEC filing that it will save millions in annual costs because of the job cuts.<\/p>\n

\u201cThe payroll actions under the second phase of the 2022 Restructuring Plan are estimated to result in approximately $70.0 million in annualized cost savings. The Company also intends to implement other non-payroll actions outlined within the 2022 Cost Savings Plan, including reducing technology, software and certain professional services costs. These actions are expected to create an additional $30.0 million in annualized cost savings,\u201d it noted.<\/p>\n

In the last 12 months, Groupon stock has dipped more than 72%.<\/p>\n<\/p><\/div>\n

Read More<\/a>
\n Ivan Mehta<\/p>\n","protected":false},"excerpt":{"rendered":"

Groupon has laid off another 500 employees in a bid to cut costs, the company said in an SEC filing last week. The e-commerce company had cut 500 jobs \u2014 nearly 15% of its workforce then \u2014 previously in August 2022. The company said that this new set of layoffs will be spread across the<\/p>\n","protected":false},"author":1,"featured_media":603136,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[363,32349,46],"tags":[],"class_list":{"0":"post-603135","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-employees","8":"category-groupon","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/603135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=603135"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/603135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/603136"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=603135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=603135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=603135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}