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Groupon laying off another 500 employees

Groupon announces 500 more layoffs
Groupon announces 500 more layoffs 00:21

CHICAGO (CBS) -- Groupon plans to lay off another 500 employees, as the Chicago-based online marketplace continues to downsize.

Last week, the company's board of directors approved the second phase of Groupon's restructuring plan, first announced last August. That second phase will include approximately 500 layoffs worldwide, most of them by the end of the second quarter of 2023, saving the company approximately $70 million a year, according to a filing with the U.S. Securities and Exchange Commission.

The company will offer those employees severance and compensation benefits.

Groupon announced another 500 layoffs last August when the company first announced its restructuring plans.

At the time, the company said it needs to cut costs, improve productivity, and automate some functions. 

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