(Reuters) – U.S. daily deals online firm Living Social Inc is expected to announce on Thursday it is cutting 400 jobs, representing 9 percent of its workforce, as demand for daily deals and emailed daily discounts dries up, the Wall Street Journal reported, citing a source familiar with the plans.
The Washington-based company’s workforce has increased nearly 10-fold since the beginning of 2010 and it currently employs about 4,500 people worldwide, the Journal said. (http://link.reuters.com/rus34t)
Retail website Amazon.Com Inc owns a 30 percent stake in Living Social and booked a third-quarter charge of $ 169 million on the holding.
Living Social declined to comment to Reuters on the Journal report.
(Reporting By Neha Dimri and Alistair Barr; Editing by Muralikumar Anantharaman)
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