LivingSocial to ax hundreds of jobs


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.

Share this article!

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.

Read more.




Latest from Oregon Business Team