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

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).
Comments (1)
  • ReligiousWacko
    , contributor
    Comments (874) | Send Message
     
    By shutting down, this will prevent more losses. Therefore, good news for AMZN! Just doing my best Gary impression.
    17 Jul 2013, 04:29 PM Reply Like
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