More bad news for leading Groupon (GRPN +5.7%) rival LivingSocial: the company has shuttered...

|By:, SA News Editor
More bad news for leading Groupon (GRPN +5.7%) rival LivingSocial: the company has shuttered both its NYC office and local events unit in an effort to pare costs. The moves come a month after the company closed its Seattle office and requested employees work remotely. LivingSocial, 29%-owned by Amazon (AMZN), posted a $50M net loss in Q1 to go with revenue of $135M (+23% Y/Y).