Martha Stewart to ax 100 staffers

Merry Christmas — you're fired!

Slumping Martha Stewart Living Omnimedia is expected to fire up to 100 people on Thursday, in a massive downsizing that is expected to hit the flagship magazine particularly hard.

Sources say up to 100 people, about 25 percent of its 400 person workforce will get a lump of coal for this holiday season.

It is the first major move since chairman Martha Stewart tapped Daniel Dienst to be the new CEO.

Dients, an industry outsider with experience in cutbacks and dealmaking came from the metals industry.

Erik Pike the magazine's creative director was promoted to editor when Condè Nast raided to lure Pilar Guzman to be the new editor of Condè Nast Traveler. she is critically acclaimed, most recently winning accolades as leading the top magazine in the Adweek Hot List.

But the company's stock price has continued to slump. the speculation is that media is going to be deemphasized as the company concentrates more and more on its licensing and products line.

Pike, reached this morning, said, "I am sorry I am not allowed to talk to reporters."

A spoekswoman had yet to return a call.

The stock which once traded over $37 a share has been trading in the sub-$3 range recently. It opened today at $2.94, b ut rose 3 cents or 1 percent in early trading.

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