Martha Stewart, the friend of the housewife and arch-nemesis of the blogger, is now endearing herself to another group of people — her own staff. Just in time for the holidays, Martha Stewart decided now would be a great time to place a fat pink slip in the stocking of her employees.
Yes, according to the New York Post, she fired them this close to Christmas. Now before you go off wanting to stick a Yuletide log in her grill and pray to Santa that she chokes on her craft supplies, let’s hear the woman out. She may have a rational explanation for this. Maybe.
Apparently, 2013 hasn’t been a faaaaabuloooous year for Martha Stewart Living Omnimedia (MSLO). More than 100 staffers — or 25 percent of MSLO staff — was fired this week. According to the Post, “the layoffs are expected to hit the flagship Martha Stewart Living magazine especially hard amid speculation that the company is planning to de-emphasize its media arm as it focuses more on licensing and product lines.”
Yeah, because that magazine’s advertising is much more important than the cost of living in New York City.
This is the first move since scrap-metal executive Daniel Dienst was took the helm as COO in October, sparking speculation — now a stark reality — about major cutbacks. Oddly enough, advertising didn’t do so badly in 2013, up 15.7 percent, according to the Media Industry Newsletter. But the company’s overall business performance has lagged. Third-quarter revenue fell 23 percent compared with the prior year.
Publishing revenue declined 8.2% to $19.4 million. Revenue from its broadcast arm declined sharply to $294,000 from $2.7 million after ending a programming agreement with the Hallmark Channel.
BTW, this took place on the same day Martha Stewart appeared on MSNBC to talk holiday gift giving. On the bright side, MSLO has noted it is hiring on its website. Plenty of cubicles with crappy views are available. Keep it classy, Martha.
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