Uh-oh. On Thursday Martha Stewart Living Omnimedia announced it was dramatically scaling back two of its four magazines and laying off 12 percent of its company, which is about 70 employees. Both Everyday Food and Whole Living will be see significant cuts and changes. According to The New York Times, Martha's cooking digest Everyday Food will be cut from 10 issues a year to five, and will now be delivered as a supplement to subscribers of Martha Stewart Living rather than as a stand-alone publication. Executives are also discussing selling Whole Living, which has suffered a 24 percent decline in advertising pages in the last year, or at least fold its content into Martha Stewart Living if a sale agreement can't be reached.
All in all, it's bad news for Martha Stewart. The publishing arm of the company still provides 64 precent of the total revenue, according to recent public filings.