Never mind its IPO, Groupon itself may be doomed

Online deal site slashes reported revenue in half, second COO departs since March

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Now can I get my severance?

Citing "one person familiar with the situation," the Wall Street Journal reported that "Georgiadis didn't fit in at Groupon. Mr. Mason would often go around her to other executives, a move that frustrated Ms. Georgiadis, added the person."

Assuming that's true, how dysfunctional is a company when the CEO goes around the No. 2 person? And how can a company that now has a COO revolving door be taken seriously by investors?

Given Groupon's train-wreck of an IPO, unprofessional management, and -- last but not least -- continuing losses, you have to wonder not whether the company will survive, but for how long.

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