LivingSocial plans to close its facility in Washington

ONLINE BUSINESS
LivingSocial plans to close its NW facility

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.

— Steven Overly

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