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Martha Stewart Axed 100 Staffers (NY Post)
The ax started swinging early Thursday morning as home-entertainment diva Martha Stewart fired about 100 people from her namesake company, Martha Stewart Living Omnimedia. It is the first major move since scrap-metal executive Daniel Dienst was tapped to be the new CEO in late October, sparking speculation — now realized — about major cutbacks. NY Post / Media Ink The layoffs, coming only a week and a half before Christmas, unnerved employees, many of whom left in tears, carrying their belongings in Martha Stewart bags. Stewart spent last week in Miami at Art Basel, the winter playground of the beautiful people, where dozens of private jets landed to party and peruse the international art market. FishbowlNY The downsizing will impact about 25 percent of Martha Stewart Living Omnimedia’s workforce. So if you work there, and were planning on getting Dienst or Stewart a present, perhaps a better idea would be donating money in their names to The Human Fund. WSJ The job cuts follow years of weak financial performance at the company, which has lost money in all but one year of the past 10 due to declines in its TV business and print magazine ad revenue. One person familiar with the layoffs said they were made to bring the company more in line with its current revenues, which have declined sharply in recent years. Adweek One Martha Stewart Living Omnimedia staffer described the current office atmosphere as “really awful,” adding, “It’s really scary and terrible right before the holidays.”