6at4 Business Report: Martha Stewart, JC Penney, Amazon.com
December 7, 2011 (WPVI) -- Martha Stewart's empire expands even more, but some Wall Street financial companies are contracting.
Martha Stewart & JC Penney
Martha Stewart teaming up with JC Penney in hopes of reviving sales at the retailer. JC Penney bought a 17% stake in Martha Stewart living Omnimedia. The price tag: Almost $39 million. The plan is to create new mini-stores inside current JC Penney stores dedicated to the Martha Stewart brand. They'll start opening in February 2013.
Layoffs on Wall Street
Wall Street is bracing for even more job losses. Citigroup said it will cut 4,500 jobs and take a $400 million charge; that's 1.7% of its workforce. So far this year, the global financial services industry has cut over 200,000 jobs. There are more job cuts to tell you about: drug maker Astra Zeneca will cut over 1,100 U.S. sales jobs.
Steve Jobs biography a best seller
Guess what was Amazon.com's best-selling book this year? It was the Steve Jobs biography and that's an impressive accomplishment since it was published in late October and had very little time to rise to the top. The biography was also the number 3 best-selling book on the Kindle.
6at4, stock market, economy, amazon.com, steve jobs, citigroup, jc penney, business/finance
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