Groupon’s joint venture in China is facing a cash crunch just months after its inception, due to breakneck expansion and management infighting triggering an acute cash crunch, managers at the company said.
The dramatic problems could raise doubts over the stability of Groupon’s overall international expansion just weeks ahead of its planned IPO.
E-Commerce King Ltd, the company that operates Gaopeng.com, the group’s coupon site in China, is laying off up to one-third of its staff and closing between half and four-fifths of its offices in China, people familiar with the situation said.
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