Groupon reduces global presence

The American company Groupon, the world's largest online service for wholesale discounts, announced a reduction of about 1100 jobs around the world during the year.

In addition, Groupon has decided to "focus its energy and resources on fewer countries." To do this, the service will leave the market of seven countries: Morocco, Panama, Philippines, Puerto Rico, Taiwan, Thailand and Uruguay.

The cost of restructuring will be about 35 million dollars, most of the funds will go to the payment of compensation to laid-off employees.

Earlier, the company had already abandoned its business in Turkey and Greece, and also sold a controlling stake in the Indian branch to the venture fund Sequoia Capital. North America is the company's main market, and Europe, the Middle East, and Africa account for about a quarter of its revenue.

Groupon, the American collective shopping service, began operations in 2008. It offers customers discounts on goods and services, provided that a sufficient number of customers are recruited.