LivingSocial Shuts Torrance Facility, Cuts 400

In a major Los Angeles area layoff, daily deals and offers service LivingSocial is closing a sales facility in Torrance, and cutting 400 employees throughout the company, as part of a restructuring. LivingSocial did not say how many employees cut were specifically in Torrance, but said the move cuts the company's total workforce by approximately 20 percent. The company said the moves comes as it shifts away from a daily deal towards an online marketplace.