Groupon ended operations in Greece and Turkey on Monday amid economic pressures in the two nations, the company said.
“Groupon globally has made enormous strides in the past few years, and our priority has always been to choose a path of growth and to make decision in the best interest of Groupon as a whole,” the company said in a statement emailed to Blue Sky Innovation. “As we’ve evaluated our global footprint, we’ve closely examined the markets where the market potential and the required investment are equally matched.”
More Top Picks Co Detectors
The company said it would continue working with merchants and customers in Greece and Turkey who may still need to accept or redeem Groupons. It has operated in those countries since 2010.
“We looked at a wide range of things as we made these decisions. Certainly economic climate was among them,” a Groupon spokesman said.
Groupon’s revenue in Europe, the Middle East and Africa — the segment that includes Turkey and Greece — shrank more than 10 percent year over year, according to the company’s second-quarter earnings released in early August. Its North America revenue grew nearly 14 percent in the same time period, while rest of the world dropped nearly 18 percent.
Groupon shares closed at $4.01 on Tuesday on the heels of a rocky day across global markets Monday. Its overall downward trend has persisted for months; Tuesday’s close was exactly half its price on Jan. 2, 2015.
Email: [email protected] * Twitter: @aminamania