“Martha Stewart Living Omnimedia, an unprofitable lifestyle business founded by the do-it-yourself maven, is being sold for a near-clearance price,” reports Time magazine.
The story adds, “Once valued at nearly $2 billion when it went public at the height of the dot-com boom, Martha Stewart Living is selling for a much smaller $353 million in a cash-and-stock deal to Sequential Brands Group, which licenses and promotes a number of brands including items under pop star Jessica Simpson’s collection and Linens N Things.”
Erik Gordon, clinical assistant professor at the the University of Michigan’s Ross School of Business, told BloombergBusiness in an email, “It’s a fizzle-out end for what was once a consumer empire. Martha was a good entrepreneur who was blind to her weak spots that cost her and her shareholders dearly.”
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