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Deal of the day: 250 new jobs at Groupon

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Gov. Quinn announced a $3.5 million business investment package that will create 250 new jobs at Groupon, Inc.

A $3.5 million business investment package will create 250 new jobs at Chicago-based Groupon Inc., the nation's leading social shopping website, the governor's office announced Tuesday.

Gov. Pat Quinn made the announcement Tuesday at Groupon's River West headquarters.

The state's $3.5 million investment package will allow Groupon to hire 250 new employees in Chicago, the release said.

Without state support, the company would have utilized its offices in other states for continued growth.

Groupon is one of the fastest growing companies in Illinois, increasing from seven employees in 2008 to more than 900 at its Chicago headquarters. It has more than 2,500 employees worldwide.

The Illinois Department of Commerce and Economic Opportunity is administering the $3.5 million investment package, which includes EDGE corporate tax income credits over 10 years based on job creation, and ETIP job training funds to enhance worker skills.

Groupon was

founded in 2008 and offers daily deals by utilizing the power of group buying. The company offers daily special deals that only become active if a pre-determined number of people sign up. The strategy reduces risk for retailers.

Since its founding in 2008, the company has expanded dramatically from Chicago to Boston, New York, San Francisco and other major markets in the United States and Canada. The company

has more than 20 million subscribers in more than 300 markets in North America, Europe, Asia and South America, the release said.