LivingSocial could lay off 400 employees, or nearly 9% of its 4,500-strong work force, starting as soon as today, the Washington Business Journal reports. The cuts are expected to "span a wide range of positions and markets," the paper said, citing "sources with knowledge of the daily deal giant’s plans," whom it did not name.
The news come as Andrew Mason, chief of daily deals competitor Groupon (NASDAQ:GRPN), faces increasing criticism. Groupon's board meets today in Chicago and is expected to discuss whether the company needs new leadership.
Mason defended his vision in an interview at Business Insider's Ignition conference: "I think we have the strategy, I think we have the team and the board sees that," he said.