Home From the Wires LivingSocial to ax hundreds of jobs

LivingSocial to ax hundreds of jobs

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Thursday, November 29, 2012
Washington Business Journal: LivingSocial, a social commerce company that has raised more than $800 million in funding, entered 2012 with a staff of roughly 5,000. Now it says it will lay off 400 in the U.S.

The layoffs raise a host of questions about the future. First and foremost: LivingSocial in July won an up-to $32.5 million tax break from the D.C. Council on the promise that it would stay based in D.C. The legislation calls on the company not only to maintain and expand its 1,000-employee base in the District, but to move into a new headquarters of at least 200,000 square feet. With a smaller local staff, opening up a larger D.C. office becomes far less practical, raising questions about whether LivingSocial will be able to claim that credit when it takes effect in 2016.

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Guest
0 #1 RE: LivingSocial to ax hundreds of jobsGuest 2012-11-29 05:57:12
Investors put $813M in @LivingSocial, which is now making mass #layoffs as we speak. LivingSocial may be 1 of biggest #venturecapital backed failures. Ever. (PrivCo: http://bit.ly/V7fblm )
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