WASHINGTON, February 3, 2014 – LivingSocial announced January 31 that they would be closing their event space at 918 F Street NW after they honor their current bookings. The closure will likely some time in April. Employees involved in this part of the company’s operations will reportedly be laid off or given jobs elsewhere in the company if they are available.
30 percent owned by Amazon.com, Friday’s news unfolded against the backdrop of LivingSocial’s continuing annual losses. The latest of these was also reported on Friday, although the $183 million in 2013 red ink marked a considerable improvement from 2012’s negative $653 million.
Part of the 2013 loss was due to the fiscal beating LivingSocial was forced to take when it sold its Ticket Monster subsidiary to a much improving Groupon for a substantial net loss.
A slimmed down LivingSocial will seek to concentrate once again on its core marketing businesses as it attempts once again to achieve profitability. As its event business winds down, the company will attempt to sublease its Metro-convenient Chinatown space.