Groupon's Chicago Office Hit By Latest Layoffs
By Rachel Cromidas in News on May 6, 2016 4:29PM
Groupon, once the darling of Chicago's tech sector, laid off 30 employees, mostly from its Chicago office, Thursday.
The e-commerce company, which has offices around the world, announced last year that it would be cutting about 1,100 employees (nearly 10 percent of its workforce) between 2015 and 2016, but it was unclear at the time how the Chicago headquarters would be affected. Groupon officials have said the cuts would likely hit the customer service and "deal factory" teams the most. Thursday's layoffs were all in Groupon's customer service department, according to the Tribune.
Groupon's stock is down more than 26 percent since it released a quarterly earnings report last week. The company's reported revenues exceeded expectations for the year at $732 million, but profits, at 339 million, were down about 3 percent from the first quarter of 2015.