Martha Stewart to Cut Magazines and Jobs

by Nate Wooley | November 2, 2012 11:06 am

martha stewart 300 Martha Stewart to Cut Magazines and Jobs[1]In another sign of the┬ámagazine industry’s declining fortunes, Martha Stewart Living Omnimedia (NYSE:MSO[2]) announced plans to discontinue publication of two of its magazines[3]. 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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