Groupon, the struggling Chicago-based online marketplace, issued a “going concern” warning, signaling the company could run out of money
Groupon, the struggling Chicago-based online marketplace that built its business model on short-term daily deals, may be running out of time itself.
Last year, Groupon used up $136 million for operating activities, meaning belt-tightening and revenue-generating measures will have to take hold soon to keep the online marketplace known for discounts on laser hair removal, kickboxing classes, doughnuts and other deals open for business. Groupon, which has been losing money for years, was engaged in a “transformation strategy” under Deshpande, the former CEO of Zappos, who took the helm in December 2021. The plan focused on reducing costs through downsizing, with two rounds of layoffs eliminating a total of 1,000 positions.
Topping the to-do list is fixing the supply-side of the marketplace by attracting and retaining local merchants with more flexible online offerings. The process of transitioning merchants away from the heavily discounted daily deals format will take at least 12 months, Senkypl said.Auditors are required to issue a going concern warning when they believe a company might default on its debt within 12 months.
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