Wherever that $110 million in funding that Washington daily deals giant LivingSocial scored last week is going, it won’t be towards bonuses. The Washington Business Journal reports that the company canceled bonuses for all employees on Feb. 19, a day before announcing the new funding.
The bonuses were canceled because the company missed its 2012 financial goals, according to the Business Journal. While employees can still get raises, the canceled bonuses are the latest example of cost-cutting at LivingSocial, which laid off around 400 employees, including 160 in D.C., late last year. (Disclosure: Washington City Paper has its own daily deals product.)
Photo by Darrow Montgomery