Memo Pad: Outside the Box... Is She Gone?... Martha Keeps Redecorating...

MARTHA KEEPS REDECORATING: Martha Stewart Living Omnimedia Inc. had its highest-level shake-up yet on Thursday morning after several rounds of incremental layoffs and reorganization, as well as the closing of Blueprint magazine in December. Executive vice president and editorial director Margaret Roach was named a senior consultant to the company's Web properties, prompting speculation about her future at the company after over a decade there. (A year ago, former Culture & Travel editor Michael Boodro was brought in to edit Living, the flagship, under Roach.)

"[Roach's] talent and knowledge will continue to be tremendous assets to the Internet group," said an internal memo from MSLO chief executive officer Susan Lyne and president of media Wenda Millard, which added, "This is not the first time that Margaret has stepped in to help guide marthastewart.com. In her earlier years at the company, she oversaw the Internet group. We're grateful to have her once again diving into the digital space, and we are confident that she will continue to lift us in her new capacity."

It's been a rocky week for the company which, in addition to Tuesday's layoffs, has been reorganizing offices in its two locations: Weddings magazine is said to be moving out of the 42nd Street location to the Starrett-Lehigh offices in Chelsea, though it could not be confirmed by press time, and the three ex-Blueprint staffers in Chelsea who now work for Living may be moving uptown.

Some employees believe the most recent cuts were made to make room for longtime company hands who lost their jobs at Blueprint; word was that Robb Riedel's special issues and books position would be filled by ex-Blueprint associate managing editor Sarah Rutledge, and that Blueprint designers were moved to the Weddings art department.

Meanwhile, plans for a test launch of a magazine aimed at older women with the working title M appear to be on hold for now, though Weddings will expand its frequency with destination wedding or travel issues.

The company is clearly facing tough decisions: its stock price has been suffering, closing at $6.58 on Thursday after weeks of trending downward. — Irin Carmon

BIG NAMES FOR A FAREWELL BOW: For the final ad campaign to be published before Valentino retires, the brand tapped a top model duo of the Nineties — Amber Valletta and Shalom Harlow — as well as Raquel Zimmermann, Anja Rubik, Michael Gandolfi and Oriol Elcacho. Harper's Bazaar editor at large Brana Wolf styled the colorful campaign, shot by Inez van Lamsweerde and Vinoodh Matadin at a private home in Los Angeles. Raul Martinez, chief executive officer and executive creative director at AR, said the campaign was shot in L.A. because of the connection Valentino has had with Hollywood throughout his 40-year career. "I think one of the key pieces that we were striving for with this campaign was to make the Valentino woman feel more grounded, still stylized but not totally untouchable," Martinez said. "You still feel the glamour that is the Valentino brand, but it's done in a more contemporary way." The campaign breaks in the February issue of Vanity Fair. — Amy Wicks