Groupon’s stock continued to fall Friday after the e-commerce company announced Tuesday it was cutting 1,100 employees
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and pulling out of seven international markets.The stock closed the week at $3.59.
On Tuesday, the stock closed at $4.08, down from $4.17 at Monday’s close, after the company announced that it planned to cut 10 percent of its workforce and discontinue operations in Morocco, Panama, Philippines, Puerto Rico, Taiwan, Thailand and Uruguay.
The cuts are part of a restructuring of Groupon’s international operations expected to be completed by September 2016.
The stock lingers just above its 52-week-low of $3.53, which it hit in late August amid the marketwide plunge set off by concerns of China’s economic outlook.
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