Martha Stewart Living Omnimedia (UNKNOWN:MSO.DL) reported a 17% decline in revenues for Q3 2012, and a quintupling of its pre-tax loss on Friday. With the addition of income taxes, the company lost $50.9 million in Q3, or $0.76 per diluted share. Merchandising revenues actually increased a bit at the company, but both publishing and broadcasting saw steep declines in business.

In an attempt to stop the bleeding, Martha is targeting its biggest division by revenues -- publishing -- for restructuring and layoffs. Management says it hopes to achieve $33 million to $35 million in annual savings here, as part of a larger effort to remove up to $47 million in costs, and return the company to profitability.

The company's Everyday Food magazine will cease publication as an independent magazine, downsizing itself into a periodic addition to the flagship Martha Stewart Living magazine. The Whole Living health and lifestyle magazine may similarly be absorbed into other publications if management is unable to sell it. The company declined to state precisely how many workers will be affected by layoffs, however.

Following the announcements, Martha Stewart Living Omnimedia shares ended trading at $2.81 on Friday, down 4.75%.