LivingSocial To Lay Off 400 Workers - Business Insider

There is trouble in the daily-deal world.

LivingSocial is planning to lay off 400 of its U.S. workers tomorrow, reports the Washington Business Journal.

The layoffs come at a time when the entire daily-deal world is struggling. LivingSocial's layoffs prove that this is not an isolated event.?Earlier this month,?Groupon eliminated 648 jobs?prior to announcing quarterly revenues that missed expectations. The sector-wide instability even has?Groupon's board considering whether to keep founder Andrew Mason on as CEO.

We first got word of this news via PandoDaily, whose editor, Sarah Lacy, tweeted:

We reached out to the company but they declined to comment at this time.

Washington Business Journal says that the cuts are expected to come across a wide range of positions and markets, including its home base in D.C.?LivingSocial maintains six offices in the nations capital.?

The layoffs could be affected by LivingSocial net loss of $566 million in the third quarter. $496 million of that loss stems from a?massive writedown?of some of its acquisitions from 2011, the Washington Business Journal says. LivingSocial's revenue fell to $124 million in the three-month period, down from $138 million in the second quarter.

Source: http://www.businessinsider.com/livingsocial-expected-to-layoff-400-workers-2012-11

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