Groupon pulls the plug on Korean operationsGroupon, the world’s largest social commerce company, has decided to pull out of Korea. The U.S. company’s decision to shut down its operation here only three years after opening in March 2011 follows its $260 million acquisition of Korea’s Ticket Monster in November.
Although Groupon has a strong presence in the global market, it has struggled in the Korean market and was ranked in fourth place in the industry.
The company announced the layoffs of 160 employees on Monday and said it is currently negotiating their severance pay.
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