Brief: Groupon Inc Approved The Second Phase Of The Company’S Multi-Phase Restructuring Plan

Groupon

30/01/2023 22:11

Jan 30 (Reuters) - Groupon Inc  GRPN.O :
    * GROUPON INC - ON JANUARY 25, 2023, THE BOARD OF DIRECTORS
OF
GROUPON, INC. APPROVED THE SECOND PHASE OF THE COMPANY’S
MULTI-PHASE RESTRUCTURING PLAN
    * GROUPON INC - SECOND PHASE IS EXPECTED TO INCLUDE AN
OVERALL
REDUCTION OF APPROXIMATELY 500 POSITIONS GLOBALL
    * GROUPON INC - HAS INCURRED TOTAL PRETAX CHARGES OF
APPROXIMATELY
$9.6 MILLION SINCE INCEPTION OF 2022 RESTRUCTURING PLAN THROUGH
DECEMBER 31, 2022
    * GROUPON INC - MAJORITY OF REDUCTIONS IN SECOND PHASE
EXPECTED TO
OCCUR BY THE END OF THE SECOND QUARTER OF 2023.
    * GROUPON INC - ACTIONS ARE EXPECTED TO CREATE AN ADDITIONAL
$30.0
MILLION IN ANNUALIZED COST SAVINGS
    * GROUPON - INTENDS TO IMPLEMENT OTHER NON-PAYROLL ACTIONS
OUTLINED WITHIN 2022 COST SAVINGS PLAN
    * GROUPON - PAYROLL ACTIONS UNDER SECOND PHASE OF 2022
RESTRUCTURING PLAN ARE ESTIMATED TO RESULT IN ABOUT $70.0
MILLION IN ANNUALIZED COST SAVINGS

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 ((Reuters.Briefs@thomsonreuters.com;))