Groupon To Cut About 1,100 Jobs Globally

(RTTNews) - Daily deals site Groupon Inc. (GRPN) disclosed in a regulatory filing on Tuesday that it plans to cut about 1,100 jobs globally as part of a restructuring of its international operations. It is expected be substantially complete by September 2016.

The company expects to record total pre-tax charges of up to $35 million, including approximately $22 million to $24 million in the third quarter of 2015. Substantially all of the pre-tax charges are expected to be paid in cash and will relate to employee severance and compensation benefits, with an immaterial amount of the charges relating to asset impairments and other exit costs.

In addition, the company expects that any cost savings from the restructuring actions will be immaterial in 2015. Cost savings in subsequent years are expected to be primarily reinvested in the business.

Groupon said that On September 18, 2015, its board approved restructuring actions relating primarily to the Company's international operations.