Groupon is cutting 1,100 jobs worldwide as it restructures its international operations, MarketWatch reports. According to a filing with the SEC on Tuesday, the job cuts will affect almost 10% of the company’s employees.
A blog post by the company specifies that most of the 1,100 jobs will be taken from Groupon’s international Deal Factory and Customer Service divisions. Groupon plans to cease operations in some locations in order to focus on operating in fewer countries with higher market potential.
The cuts are expected to be completed for the most part by September of next year. Groupon plans to dole out about $35 million in cash in relation to the cuts, with most of that money going to severance pay and compensation benefits.
The company said that the savings that will come as a result of this action will be “immaterial” this year, and all savings in the years to come will mostly be reinvested in the business.
- The Fight to Save the Salmon
- Inside the World of Black Bitcoin, Where Crypto Is About Making More Than Just Money
- The 'Great Resignation' Is Finally Getting Companies to Take Burnout Seriously. Is It Enough?
- Suddenly, Everyone on TV Is Very Rich or Very Poor. What Happened?
- Colin Powell Reflects on His Mistakes in Unpublished TIME Interview
- Business Travel's Demise Could Have Far-Reaching Consequences
- If the U.S. Spends Big on Climate, the Rest of the World Might Follow