Living Social Job Cuts To Total 400 On Thursday: WSJ

Really Bad News For Anyone Making A Living At Living Social
View of the reception desk at Living Social in Washington on June 26, 2012. Online coupons are last year's news.That is the view from number two US online deals firm Living Social, which is battling sector leader Groupon by offering what excutives call 'unique' or original experiences that are not simply linked to discounts. AFP PHOTO/Nicholas KAMM (Photo credit should read NICHOLAS KAMM/AFP/GettyImages)
View of the reception desk at Living Social in Washington on June 26, 2012. Online coupons are last year's news.That is the view from number two US online deals firm Living Social, which is battling sector leader Groupon by offering what excutives call 'unique' or original experiences that are not simply linked to discounts. AFP PHOTO/Nicholas KAMM (Photo credit should read NICHOLAS KAMM/AFP/GettyImages)

(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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