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%.
At the end of the third quarter, Groupon reported a global headcount of 3,077. The company will update employee totals during its yet-to-be-announced fourth quarter earnings report. Once the face of Chicago’s tech startup scene, the company had more than 11,000 employees worldwide at its peak in 2012.
The company has since shifted exclusively to a third-party business model and now promotes itself as an online local marketplace where consumers go to buy services and experiences. It has been executing a “turnaround strategy” under Kedar Deshpande, the former CEO of Zappos, who took the helm of Groupon in December 2021.
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