![]() Trading opened at $28 but never hit that price again. Groupon went public in 2011 with a $700M IPO valuing the company at almost $13B and $20 per share. By the end of 2020, Rich Williams was out. While Groupon continued to excel in its core competency - experiences - the pandemic crushed that market and sales plummeted. Neither was particularly successful, and Groupon Stores was shuttered by 2020. In 2016, it launched Groupon Stores, directly competing with Amazon by offering a centralized marketplace for independent merchants to sell their own discounted products. After lackluster results, the company fired its co-founder Andrew Mason in 2013 and hired a company insider Rich Williams in 2015. In 2011, Groupon realized that selling discounts to local merchants was not going to provide the long term growth it needed, so it launched Groupon Goods for discounted products. There were also unintended consequences with deals sometimes too cheap for restaurants to survive or volume that overwhelmed services and had them booked up for months in advance. ![]() These coupons were premised on buying in bulk and bringing new customers to local businesses, and they were wildly successful. It took the ecommerce world by storm, and there were Groupons for everything from restaurant takeout to massages. If you are 30 or older, you are probably familiar with Groupon. Groupon ( NASDAQ: GRPN)? Really? The restaurant discount company that peaked almost 10 years ago? That's how I reacted the first time I saw Groupon suggested as a great 2023 opportunity, and I'd imagine you're thinking the same thing.īut companies change, and while still focused on discount deals, Groupon the company and the stock are far different than what you likely remember. Seewhatmitchsee/iStock Editorial via Getty Images ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |