Online deals firm LivingSocial said Thursday it was slashing 400 jobs, or 20 percent of its staff, in the latest cutback in the sector that includes companies like Groupon. Washington-based LivingSocial made the announcement two weeks after saying its quarterly loss widened to $32 million, while revenues declined. "The actions today will create a more streamlined and efficient sales model that will enable the business to fund areas of growth -- namely technology, data science and mobile," said chief executive Gautam Thakar, who took over in August and began a comprehensive review of the business. Last year, LivingSocial said it was moving away from online discounts to a "marketplace" model that directs consumers to everyday deals.
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