Groupon’s China JV closes offices, fires staff
GaoPeng, the Chinese group buying site run as a joint venture between Groupon, Tencent Holdings and local private equity firm Yunfeng Capital, has closed offices in some cities and is laying off employees. Sources familiar with the situation told The Wall Street Journal that the company has been firing people for the last three months. One lawyer representing former employees estimated that about 400 people have lost their jobs.
The move calls into question the company's aggressive expansion strategy. GaoPeng only launched in China eight months ago. It said the office closures reflect plans to focus more on major cities where...
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