they squandered not only the raised capital, the money that is supposed to be paid to merchants is partially gone too: "... Specifically, as of June 30, Group

they squandered not only the raised capital, the money that is supposed to be paid to merchants is partially gone too: "... Specifically, as of June 30, Groupon owed $392 million to merchants for old Groupons--way more than the $225 million of cash the company had on hand. And merchant bills aren't the only bills Groupon has to pay. As of June 30, Groupon had $680 million in current liabilities--bills the company has to pay. Meanwhile, Groupon only had $376 million of current assets with which to pay them (composed mainly of cash and receivables). Another way of looking at this is that, if Groupon had been liquidated as of June 30, the company would have had a net of $304 million of bills that it would have been unable to pay. ..."