Groupon Shares Plummet on Sandy-Related Concerns
Groupon’s shares fell more than 8 percent on Wednesday on concern Hurricane Sandy will hit demand for the company’s deals. GRPN has since fallen even further, hitting an all-time low of $3.86 Friday morning. Small businesses in areas like New York City and New Jersey are struggling to reopen their doors and are unlikely to run deals anytime soon. Groupon says previously scheduled deals with merchants in the Northeast will be postponed unless the business contact Groupon to confirm they still want to run the deal. Groupon and LivingSocial have been offering deals for restaurants closed due to Hurricane Sandy. (Reuters, Eater National)
