Living Social is living through a tough existence. The company on Thursday posted a net loss of $183 million for 2013, and while that's much better than the brand's net loss of $653 million in 2012, it still means there's a long road ahead to get back on track.
Last year "was a year of getting our [profits and losses] into a much better spot and if you look at the progression we've done that. We're not on the other side of the line yet, but we're getting pretty close," CEO Tim O'Shaughnessy told The Washington Post.
Total 2013 revenue for the Amazon-owned deal site was $399 million, down 12 percent from 2012.
Living Social said that in order to trim expenses, it will stop producing live events and close its event space in Washington, D.C. The company will continue to host the events it has already planned and sold, but will not add any more before ending programming this spring. The closing will impact 14 full-time and 20 hourly employees, some of whom will take on roles in other departments within the company.
Living Social took over a 120-year-old refurbished building in early 2012 to host a variety of events from concerts and art classes to pop-up restaurants. It had hoped the events would boost its brand beyond daily deals and coupons. Living Social spent close to $4 million to renovate the interior of the building. The lease doesn't expire until January of 2017, and the company plans to look for a tenant.
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