Groupon Has Bought Out Savored
Groupon has bought out Savored, a reservation and discount-meal provider. It's a win-win-situation: Restaurants get customers they otherwise wouldn't, and diners get both a reservation and a discount.
According to TechCrunch, Savored is used by some 1,000 restaurants and gives diners discounts of up to 40 percent when they book through the site.
Because most of Groupon's existing restaurant business is based around paying for food up front, buying out Savored will help Groupon to cover other functions, like table bookings.
According to The New York Times, Savored will be used to supplement the existing Groupon Now service, which is aimed at giving customers a list of discounts for impromptu shopping.
The bigger goal is in turning Groupon into more than just a sender of daily deal e-mails. However, investors haven't taken the pitch to heart yet. Shares of Groupon were down 2.3 percent on Monday and have plummeted more than 80 percent since the company began trading last fall.