Descuento Libre, a Groupon-like website targeting Latino consumers, has shut down its Chicago offices and moved its headquarters to Austin, Texas.

Derek Beckmann, who co-founded the company last year, said Monday that he had stepped down as chief executive officer to “pursue other interests.” Mr. Beckmann said he remains a shareholder in Descuento Libre and still sits on its board of directors.

Descuento Libre, a social-buying site that concentrated on offering discounts at retailers in Hispanic neighborhoods, will continue operations under new CEO Boris Portman. The company also offers deals in Mexico City.

Mr. Portman said Mr. Beckmann was the sole Chicago employee and his departure meant there was no reason to maintain a Chicago office.

“By no means are we lowering our presence in Chicago,” Mr. Portman said.

Read the entire article at Crains – Chicago.
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