Deal or no deal? Groupon and other online discounters face woes
NEW YORK, (AFP) - It looks like a tough sell for the online daily deals sector.
After much excitement last year and a hyped public offering from Groupon, the main players are now focusing on saving money themselves as consumers show deal fatigue.
Sector leader Groupon, which went public a year ago with an offering at US$20 a share, has seen its stock slide some 80 per cent. This week, chief executive Andrew Mason kept his job despite swirling rumours that he was to be ousted.
Rival LivingSocial said meanwhile it was cutting 400 jobs, or nearly 10 per cent of its staff, in a retrenchment which follows big losses for the company.