MSLO Cuts 25
Company creates new positions, announces layoffs.
Martha Stewart Living Omnimedia has laid off 25 staffers across its merchandising, media and corporate divisions, a spokesperson has confirmed. The layoffs represent 3 percent of MSLO’s overall workforce, the spokesperson says.
The job cuts come as the publisher today named former Donna Karan Home CEO Patsy Pollack as executive vice president of merchandising, a new position within the company.
Yesterday, in a shuffling of its magazine ad sales teams, MSLO promoted Martha Stewart Living publisher Sally Preston to group publisher to oversee a newly-created advertising sales group for all MSLO titles. Also, MSLO named Christina Cranley group associate publisher and Gayle Lambert group ad director.
Last week, MSLO reported $144.9 million in revenue for the first half 2008, up slightly from $140.5 million during the same period in 2007. The company posted an operating loss of $2.8 million compared to a $20.3 million loss last year. Revenues in the publishing division were about $87 million, down from about $88 million in 2007.