BUSINESS

LivingSocial layoffs: About 160 D.C. employees to be let go, report says

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About 160 Washington-based LivingSocial employees are part of a plan to lay off hundreds nationwide, the Washington Business Journal reports.

Reports surfaced Wednesday that the daily deals company would be letting about 400 members of its United States workforce go, a move that was confirmed Thursday, WBJ's Bill Flook reports.

The decision comes after the company posted a $566 million net loss in the third quarter.

The layoffs raise lots of questions about LivingSocial's future after receiving an up to $32.5 million tax break from the D.C. city council in July.

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