Groupon continues global retreat with new market exits
18.11.2015 232 views
Groupon, the daily deals and local commerce platform, has ceased operations immediately in four European countries: Sweden, Denmark, Norway and Finland, TechCrunch reports.
There have been several other closures in Groupon’s international business: Morocco, Panama, The Philippines, Puerto Rico, Taiwan, Thailand and Uruguay all closed when Groupon laid off 1,100 people in September. Prior to that, the company also shut down operations in Turkey and Greece, it sold off a controlling stake in Groupon India to Sequoia, as well as a controlling stake in TicketMonster to KKR for USD 360 million, the same source indicates.
The company has witnessed a severe downfall in recent quarters, with high competition in local markets abroad. Against this backdrop, Groupon has taken several measures, including a shift in focus from daily-deal business to a local ecommerce platform. Through both, internal building and acquisitions, the company is now going for a range of services including delivery, mobile payments, restaurant ordering, among others.
Source: The Paypers
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