Martha Stewart to Cut Magazines and Jobs

Everyday Food and Whole Living are on the chopping block

   

Martha Stewart to Cut Magazines and Jobs

martha stewart 300 Martha Stewart to Cut Magazines and JobsIn another sign of the magazine industry’s declining fortunes, Martha Stewart Living Omnimedia (NYSE:MSO) announced plans to discontinue publication of two of its magazines. The 600-person firm will also be laying off about 12% of its workforce. The move comes just as MSO is about to release its third-quarter earnings.

The cuts are part of new CEO Lisa Gersh’s efforts to return the firm to profitability. The moves are intended to save more than $30 million annually for a company that has lost money every year since 2007.

MSO will cease stand-alone publishing of Everyday Food and make it a digital brand beginning next year. It’s also seeking a buyer for Whole Living, the company’s healthy-eating magazine. If one isn’t found soon, MSO will stop printing the magazine and roll it into flagship magazine Martha Stewart Living next year.

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Article printed from InvestorPlace Media, http://investorplace.com/2012/11/martha-stewart-to-cut-magazines-and-jobs/.

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