Martha Stewart Living Omnimedia to Lay Off Staff and Reduce Magazines

Like many New York companies, Martha Stewart Living Omnimedia had a difficult week. The basement of the company’s offices in west Chelsea were flooded by Hurricane Sandy, sending staff members home for the week and forcing the company to twice reschedule its quarterly earnings report, now set for Friday.

On Thursday, there was more bad news when the company announced it was scaling back two of its four magazines and laying off about 70 employees, or 12 percent of the nearly 600-person company.

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