Groupon plans to lay off another 500 employees, further thinning the ranks at the struggling Chicago-based online marketplace.
The restructuring plan, approved by the company’s board last week, will eliminate most of the positions by the end of the second quarter, according to a Securities and Exchange Commission filing Monday. Groupon is projected to save $70 million annually through the downsizing.
Groupon had more than 2,500 employees globally at the end of last year, according to spokesman Nick Halliwell. That means the latest round of layoffs would reduce the company’s shrinking workforce by upward of 20%.
