LivingSocial has sold off Let’s Bonus, the last of its non-English international properties, according to an internal memo leaked to TechCrunch.
LivingSocial sold the company, which operates in Chile, Spain, Portugal and Italy, to its CEO and CFO, according to the memo from LivingSocial’s general counsel Jim Bramson. Let's Bonus was acquired during LivingSocial's 2011 boom year, when the Groupon competitor was snatching up companies like South Korean-based TicketMonster in a fierce battle for market control. The exact details of the Let's Bonus sale were not revealed in the memo.
"While Let’s Bonus has been a valuable part of the LivingSocial portfolio, this was the right decision for both LivingSocial and the local business," Bramson wrote in the memo. "LivingSocial’s global operations are now consolidated to a single platform and a single brand, as part of continued efforts to streamline the global business and position LivingSocial for future growth."
Since founding, CEO Tim O'Shaughnessy stepped down and former eBay executive Gautam Thakar was hired as the new CEO, LivingSocial has done a lot of consolidating and reorganizing -- which included laying off about a fifth of its employees. Selling off high potential assets/properties like TicketMonster was how LivingSocial made a profit last year despite declining sales. Whether Let's Bonus is the end of LivingSocial's sell-offs or there's more to come has yet to be decided.
