Groupon is laying off 500 employees, or nearly 15% of its global workforce, as the struggling Chicago-based online marketplace seeks to cut costs amid falling revenues.
The total includes 293 positions associated with the headquarters at 600 W. Chicago Ave., although many employees are working remotely, Groupon spokesman Nick Halliwell said Monday evening.
The company saw a 42% decline in revenue and a $90 million loss during the second quarter, according to an earnings report Monday. The weaker than expected results prompted Groupon to implement a $150 million cost-cutting strategy that includes “rationalizing” its real estate footprint, transitioning to a “self-service” merchant sales platform and reducing the size of its technology and sales teams.
