Groupon, Inc. (GRPN): restructuring charge — Groupon announces second restructuring phase, cutting 500 jobs; expects $100M annual savings

Groupon, Inc.

Board approved second phase of restructuring plan on Jan 25, 2023, targeting ~500 global positions.
Pre-tax charges of $10M-$20M expected, primarily for severance; $9.6M already incurred through 2022.
Annualized cost savings estimated at $70M from payroll cuts and $30M from non-payroll actions.
Majority of reductions expected by end of Q2 2023; savings part of broader 2022 Cost Savings Plan.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Groupon, Inc. announced a restructuring with charges of between $10.0 million and $20.0 million (approximately 500 positions globally).

Type: restructuring
Charge: between $10.0 million and $20.0 million
Headcount: approximately 500 positions globally

Exact text from the filing

On January 25, 2023, the Board of Directors of Groupon, Inc. (the “Company”) approved the second phase of the Company’s multi-phase restructuring plan (the “2022 Restructuring Plan”), which is part of the Company’s comprehensive cost savings plan, announced in August 2022 (the “2022 Cost Savings Plan”). This second phase is expected to include an overall reduction of approximately 500 positions globally, with the majority of these reductions expected to occur by the end of the second quarter of 2023. In connection with the 2022 Restructuring Plan, the Company has incurred total pretax charges of approximately $9.6 million since the inception of the 2022 Restructuring Plan through December 31, 2022. In connection with the actions under the second phase, the Company expects to record total pre-tax charges of between $10.0 million and $20.0 million.

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Groupon, Inc. filing history →

Source: SEC EDGAR

accession 0001490281-23-000005

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