Groupon just can’t seem to find its feet. Before it initially filed to go public, it was lauded as the top deals site on the web. In no time, it grew a substantial operation reaching thousands of merchants and millions of users. And then, with its first S1 filing, the honeymoon ended. Lack of profits, founders pulling big piles of cash out of the operation (via dividend payments following venture capital infusions) and merchant frustration were among the issues that surfaced.

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