Groupon's Chinese Joint Venture Closes 10 Offices, Fires Hundreds, "Changes Strategy"

Groupon's Chinese joint venture Gaopeng is not doing so well. It has apparently closed 10 offices and fired at as many as 400 employees over the past three months. Executives of the Chicago-based daily deals company, which is planning an IPO at some point, say changes are part of a shift in strategy and that that the company will now concentrate on middle-tier and upper-tier cities rather than...