LivingSocial will stop producing live events and close its facility at 918 F St. NW this spring as executives focus the business on providing merchants with an online platform to market their products, the District-based company said Friday.
The news comes on the same day the company posted a net loss of $183 million for 2013, including an $82 million net loss because of charges associated with the sale of a South Korean business unit. The firm brought in revenue of $399 million last year.
The figures mark an improvement from the company’s net loss of $653 million in 2012, during which time it wrote down the value of several daily-deals companies it acquired overseas. That year, LivingSocial collected $455 million in revenue.
LivingSocial’s financial results were disclosed in a regulatory filing by Amazon, which owns nearly 30 percent of the company. Amazon founder Jeffrey P. Bezos owns The Washington Post.
Exiting the event production business will affect 14 full-time and 20 hourly employees, the majority of whom work at 918 F St., said chief executive Tim O’Shaughnessy, who announced plans to step down last month. Some full-time workers may be reassigned to positions within the company and others will receive severance packages.
●Consumer spending rose 0.4 percent in December, the Commerce Department reported. That was the best gain in five months. Income, however, showed no gain in December after a 0.2 percent rise in November. For all of 2013, income growth was 2.8 percent, the weakest performance since 2009.
●A New York state Supreme Court justice approved Bank of America’s $8.5 billion settlement with investors in mortgage securities, which would resolve much of the bank’s liability from its acquisition of Countrywide Financial during the financial crisis. Justice Barbara Kapnick ruled that Bank of New York Mellon, the trustee overseeing the securities, had mostly acted reasonably and in good faith in determining that the settlement was in the best interests of the investors.
●A cruise ship, whose more than 180 passengers and crew members fell sick with suspected norovirus, returned to a Houston-area port early because of a dense fog advisory and not because people were vomiting and had diarrhea, a Princess Cruises spokeswoman said. But passengers aboard the Caribbean Princess questioned that version of events. A Royal Caribbean cruise returned early to New Jersey on Wednesday after nearly 700 people became ill. The Centers for Disease Control and Prevention confirmed that the culprit was the highly contagious norovirus.
— From news services
●On Monday: ISM manufacturing index for January released at 10 a.m.