Groupon Slices Value by Half

    CHICAGO, IL - JUNE 10:  Workers work on projects at Groupons international headquarters on June 10, 2011 in Chicago, Illinois. Groupon, a local e-commerce marketplace that connects merchants and consumers by offering goods and services at a discount, announced June 2 that it had filed with the Securities and Exchange Commission for a proposed initial public offering of its Class A common stock. The company, launched in Chicago in November 2008 now markets products and services in 43 countries around the world.  (Photo by Scott Olson/Getty Images)

    Scott Olson / Getty Images

    Everyone’s known Groupon is in trouble, but things took a dire turn late Friday as the company restated its value as half of what it had previously announced. After conversations with the SEC, Groupon said it would change what it counts as revenue, a move that slices its value from around $700 million to around $300 million. Meanwhile, just five months after the startup scooped up Margo Georgiadis from Google to become Groupon’s COO, she’s returning to her former employer. The value adjustment and top-level departure could derail the deal site’s plans to go public.

    Read it at Wall Street Journal