MSLO looks for potential buyer
Home Textiles Today Staff -- Home Textiles Today, 5/26/2011 12:44:13 PM
New York - Martha Stewart Living Omnimedia has retained Blackstone Advisory Partners to examine possible investors or buyers for the company.
"As the founder and largest stockholder, I fully support his initiative," said Stewart.
The company has experienced declining revenues for three years - in part a reflection of the difficult advertising environment for print publications generally as well as the impact of terminating its multi-category licensing partnership with Kmart, which at peak contributed 50% of the merchandise division's revenues.
The company also announced Stewart will rejoin MSLO's board of directors during the third quarter. She was forced off the board for a five-year period as part of the settlement in her insider trading case.
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