Groupon to lay off 1,100, close operations in 6 countries

In the latest sign of the decline of "daily deal" sites, Groupon said Tuesday that it is laying off 1,100 people worldwide, or nearly 10 percent of its workforce, and closing operations in six countries.

Groupon is pulling out of Morocco, Panama, The Philippines, Taiwan, Thailand and Uruguay as well as Puerto Rico, according to a blog post from the company. "We saw that the investment required to bring our technology, tools and marketplace to every one of our 40+ countries isn’t commensurate with the return at this point," wrote chief operating officer Rich Williams.

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