GREEDY MARTHA MAKING MILLIONS AS LAYOFFS MOUNT
MARTHA STEWART’s been living large while her company sinks, but sources say the domestic diva is finally getting her wings clipped!
Her firm, Martha Stewart Living Omnimedia, has turned a profit just once in the past 11 years, and its stock has plummeted from a high of $38 a share to a measly $2.43.
Meanwhile, 72-year-old Martha – who became an instant billionaire when the company went public in 1999 – was granted increasingly huge pay hikes. Her total compensation jumped from $2 million in 2007 to $7 million in 2008. In 2009, she pocketed $9.7 million, while the company lost $15 million!
“To a lot of people involved in the company, Martha has been fiddling while Rome burned,” said a source.
“Her argument has always been that her name is on the company masthead, and she has to show that others can enjoy a taste of her lifestyle by buying her wares.
“But it’s come to the point of no return. The company is laying off people while Martha lives like the Queen of England.”
Desperate to right the ship, the firm shuttered several divisions last year, laid off 70 employees and slashed Martha’s salary to $5.2 million.
But that doesn’t mean she’s going to stop living the high life.
“Martha is willing to feel the pinch a bit to help reverse the company’s fortunes, but she says Martha Stewart does not live on a budget,” said the source.
“Still, when push comes to shove, the big money may not be there for her anymore.”