The reckoning is clearly coming on this industry (daily deals / group buying). Just look at Groupon cutting their IPO in half today.
But the way this happened is really terrible. They laid of tons of people with no warning and no severance.
They did not have to try and raise more money at a ridiculous valuation. They could have taken a flat to down round, stopped buying other little companies, and tried to make it work.
But the way this happened is really terrible. They laid of tons of people with no warning and no severance.
They did not have to try and raise more money at a ridiculous valuation. They could have taken a flat to down round, stopped buying other little companies, and tried to make it work.