42% drop in Groupon shares as it announces it will stop selling physical goods

Groupon will no longer sell any physical items as the discount ecommerce marketplace shifts its focus solely onto experiences.
Rich Williams, the Chicago-based company’s chief executive, announced earlier this week that Groupon will “exit goods” and no longer sell clothing, toys or any other physical goods.
The news has sent Groupon’s share price divebombing whopping 42 per cent to $1.70.
Groupon’s marketplace connects with local retailers, restaurants and an array