Last week, Groupon revealed that it owed businesses vastly more money than it had in the bank. And this week, we learn that the company's Q2 growth has slowed so much that shares have dropped 20 percent in value on the secondary market. (Groupon is prepping for an IPO, so anything traded currently is behind closed doors.) And today the Journal reports that the company's massive Chinese expansion is pretty much falling flat on its face. Less than a year ago, Groupon launched GaoPeng.com in China, but in recent weeks more than ten of the site's offices have been closed nationally. A lawyer representing angry former employees (some were permanently locked out of one site after merely venturing out for lunch) estimates that 400 staffers have been laid off, but the Journal couldn't verify the numbers. Groupon has so far invested $8.6 million in GaoPeng, which is co-owned by a Chinese internet company and a hedge fund. How's that bigger-than-Google valuation going, guys?
Most Viewed Stories
There Are Pictures of Justin Bieber’s Big Penis on the Internet
The Rocky Horror Picture Show Cast Takes Their 40th-Anniversary Reunion Photo
Justin Bieber Wants to Sue Everyone Who Published His Dick
Meet the College Student Who Started a ‘Restaurant’ in His Dorm Room
The Brutal Economics of Being a Yoga Teacher
How the Media Is Handling Kevin McCarthy’s Rumored Affair
Bieber’s Dad Being Super-Creepy About Son’s Penis
Katie Holmes Shows Us the True Darkness of Fame
Stop Treating Young Women Like Dumbbells
Why Republicans Need Paul Ryan As House Speaker
Latest News from Daily IntelligencerNorth Korea’s Big Scary 70th Birthday Bash
Kim Jun-Un is numero uno!As Obama Heads to Oregon, Two Campus Shootings Happen in Two Different States
Many protesters are waiting to greet the president.JetBlue Opened a Potato Farm at JFK Airport
Back to the land at Terminal 5.Bratton Snatches Joint From Woman on the Street, Throws It in the Sewer
"I thought, “What the hell — 8:30 on Wall Street?'"Was Arne Duncan Secretly Obama’s Boss All Along?
If the president only knew about his administration's terrible education policies!Pizza Rat Has Apparently Started a Cheesy Rodent War in New York
The thirst for delicious and quick Italian has overtaken the rats of our city.4 Tunisian Civil-Society Organizations Share the Nobel Peace Prize
The National Dialogue Quartet of Tunisia protected the democratic process following the country's Arab Spring uprising.Rubio, Not Trump, Is Now the Defining Figure in the GOP Race
He's not the most bombastic candidate, but he's the most talented.7 Easy Ways to Signal That You Have Absolutely No Interest in Becoming House Speaker
First, prepare a look of utter disgust and revulsion (which shouldn't be too hard given the job we're talking about).Fatal Fraternity Shooting at Northern Arizona University
One dead, three injured in the early morning hours.
Meanwhile, the conflict in Syria continues.Why Republicans Need Paul Ryan As House Speaker
He's an ideological zealot and a tactical pragmatist.10 Things to Know About the Mets-Dodgers Playoff Series
The action begins tonight in Los Angeles.Can Your Child Be Taught to Defeat a Gunman at Her School?
“The canned food item will give the students a sense of empowerment to protect themselves and will make them feel secure in case an intruder enters the classroom.”Portraits of 9 New York City Carriage Drivers and Their Horses
Why they say it's a tradition worth preserving.How the Media Is Handling Kevin McCarthy’s Rumored Affair
Outside conservative media, mostly with vague innuendo.Ben Carson Tries to Top Himself, Blames Holocaust on Gun Control
It’s a popular theory, though it’s been repeatedly debunked.More Clues That Joe Biden Is Definitely, Maybe Running for President
His team met with the DNC to learn about election rules.How the Right Is Reacting to the House Leadership Crisis
Some don’t mind the chaos because “electing McCarthy was the real worse scenario.”Who’s Going to Be the Next House Speaker?
Note: Only a handful of people on this list actually want the job.