Groupon will eliminate 1,100 jobs outside the U.S. over the next year, as the deals company struggles to improve its bottom line.
The company said the cuts, about 10 percent of its workforce, will primarily impact its international operations but not its Chicago headquarters, where it employs about 2,500. The board decided on the restructuring Sept. 18, according to a securities filing this morning.
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Groupon’s overseas business accounts for about 35 percent of its revenue but has been a drag on profitability. With the company’s stock down by 50 percent since late February to $4.17, Groupon is under pressure to improve its financial results. It has focused on its core business in the U.S., increasing the amount of deals available and getting customers to shop for deals in an online marketplace rather than rely on a few deals e-mailed to them.