Martha Stewart Cuts Staff, Magazines Post Almost Universal Decline in Sales

la0808_living_cover_m.jpgIn other news that has nothing to do with the Olympics, the NYP is reporting that Martha Stewart has cut 25 people across “merchandising, media, and corporate ranks.” Apparently morale there is low. The company co-CEO Wenda Harris Millard also announced that it “no longer planned to fund broadcasting internally,” meaning that Sheraton Kalouria is out as president of broadcasting.

Elsewhere in magazine land things are also dire. Dire by half, in fact. WWD says that “nearly every editor in chief is seeing the kind of declines that once would have gotten them fired,” and that a healthy magazine can no longer be defined by successive growth. They suggest that “less down is the new up” be the new mantra for the magazine world. Whether this steep decline is necessarily tied to the struggling economy is unclear, though as with everything else in media, one imagines even the staple fashion mags are going to have to figure out a way to transition online sooner than later.