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Originally established for times when I needed more than 140 characters to finish a thought on marketing or media.


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LivingSocial starting to look a little antisocial

pitr_scissors_half-open_iconLivingSocial, a daily deals site based in D.C., is cutting 400 jobs after losing $566 million in the third quarter. (The Associated Press reports that is 9% of their workforce worldwide.)

What a shame. It seems like only yesterday only July when the D.C. Council handed the daily deal site a $33 million tax break to keep it in the District — as opposed to letting it migrate to more business-friendly Northern Virginia.

From a July WaPo story announcing the tax break:
 

Despite having yet to turn a profit, LivingSocial has quickly become one of the city’s largest private sector employers. Its staff has swelled from four to 5,000 since 2007, about 1,000 of which are based in the District.

 

Is it just me, or is it starting to smell a lot like the shenanigans that preceded the Dotcom Bust?

It’s not just me.

From the MoneyWatch story:

 

According to trade publisher Daily Deal Media, in the last six months of 2011 alone nearly 800 daily deal companies closed their doors.

 
Talk about done deals …