LivingSocial Confirms 400 Workers Laid Off, 160 in D.C.

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LivingSocial confirmed to VentureBeat on Thursday that it is laying off 400 employees worlwide, or just under 10 percent of its total workforce of 4,500. Of those, 160 jobs will be axed in Washington, D.C., where LivingSocial is headquartered, the Washington Post reported. The news comes after reports Wednesday that the e-coupons site was poised to make the drastic cuts and after reporting a net loss of $566 million in the third quarter. 

LivingSocial’s chief competitor, daily deals website Groupon, has also suffered throughout the year, with smaller-than-expected revenue growth in the November quarterly earnings report and stocks dropping to their all time low, as the Groupon board reportedly considers replacing CEO Andrew Mason. 

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