Groupon to Cut 1,100 Jobs, Pull Out of 7 Countries

Groupon, once believed by many to be a catalyst for Chicago’s technology scene, evokes more concern than awe from some observers these days. It announced 1,100 layoffs Tuesday as it pulls back its global footprint. The flagging e-commerce company pioneered a daily-deals business in 2008, but is distancing itself from that model in favor of building a marketplace of goods and local services. Groupon also announced plans to cut nearly 10 percent of its workforce and pull out of seven countries.