Groupon slashes 1,100 jobs, ceases operations in 7 countries

The job cuts will result in pretax charges of as much as $35 million, including about $22 million to $24 million in the third quarter.

Groupon is laying off approximately 1,100 workers in an attempt to restructure and streamline its operations, Groupon COO Rich Williams wrote in a blog post Tuesday.

The job cuts -- which will be primarily form Groupon's customer service and sales teams -- will result in pretax charges of as much as $35 million, including about $22 million to $24 million in the third quarter, according to a statement the company filed with the SEC.

Williams also noted Groupon's plans to cease operations in several markets internationally, including Morocco, Panama, The Philippines, Puerto Rico, Taiwan, Thailand and Uruguay. Groupon already bowed out of Turkey and Greece and sold off a controlling stake in Groupon India to Sequoia.

"We believe that in order for our geographic footprint to be an even bigger advantage, we need to focus our energy and dollars on fewer countries," Williams wrote.

For Groupon, the last five years have been a stream of peaks and valleys.

The once soaring startup went from courting acquisition opportunities from the likes of Google, to suffering in the spotlight since declaring a $750 million initial public offering in 2011.

There was long speculation that the daily deals craze would eventually die out, with many analysts deeming the model unsustainable because of its contentious relationship with merchants. Seemingly realizing its shaky future, Groupon attempted to refocus its business more around e-commerce, but the company's best efforts appear to have fallen short.

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