SEOUL, March 4 (Yonhap) -- Groupon Korea said Tuesday it will close down no later than within the first half of this year so that its parent company, Groupon, can focus on operating its other, more successful South Korean unit Ticket Monster Inc.
"An executive of Groupon notified us yesterday (Monday) that the company has decided to liquidate Groupon Korea," said an official at the South Korean unit of the world's biggest deal-of-the-day website operator.
The parent firm plans to let go of Groupon Korea's approximately 160 employees.
Groupon's move is aimed at putting its full weight behind Ticket Monster, locally known as TMON, to dominate South Korea's daily deal market, he said.
Groupon wrapped up its acquisition of TMON early this year, with the deal estimated at US$260 million as the company tried to prop up its mobile commerce business in Asia. TMON was bought by LivingSocial, another major daily deal company, in 2011.
TMON is one of the fastest growing online retailers in South Korea.
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