Groupon becomes the latest tech company to cut jobs in a bid to cut costs. The e-commerce platform was announced through an SEC filing a week ago.
“On January 25, 2023, the Board of Directors of Groupon, Inc. approved the second phase of the Company’s multi-phase restructuring plan, which is part of the Company’s comprehensive cost savings plan, announced in August 2022,” Groupon said in a filing.
“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.”
The company is faced with several challenges such as a decline in user base and increasing competition in the e-commerce space.
Unlike back in the day, today users are spoiled with options.
The move is the second job cuts for the company after they laid off 15% of the working staff last year 2022.
