Martha Stewart Lays Off 100 Before Holidays (Report)

Martha Stewart Lays Off 100 Before Holidays (Report)

Company declines comment on New York Post report

Martha Stewart Living Omnimedia is laying off roughly 100 employees in a round of holiday season layoffs, the New York Post reports.

The company declined to comment on the newspaper's report, which said that new CEO Daniel Dienst, a scrap metal executive and former MSO board member, ordered the layoffs Thursday. The paper said some staffers left in tears, their belongings in Martha Stewart bags.

Also read: Martha Stewart Takes 10% Pay Cut From Own Company

The cuts reduce the company's workforce by about 20 percent and are expected to save the company about $10 million next year, according to the paper.

The Post said those cut include Daniel Taitz, the executive vice president and chief administrative officer that served as interim CEO before Dienst was given the title on Oct. 28.

Earlier this year, Stewart agreed to cut her base salary by 10 percent to $1,800,000, according to an SEC filing. Her annual licensing fee was reduced by $300,000, to $1,700,000.

In November 2012, the company announced it was laying of 70 employees and cutting back its magazines. The new cuts come in addition to those.