Maxim, which has had numerous shake-ups since it was bought by Sardar Biglari and his publicly traded Biglari Holdings, continues to bleed red ink — although its operating loss narrowed by 20 percent in the second quarter to $3.3 million.

Revenue in the period tumbled 60 percent, to $2.7 million, from the year-earlier period, according to a regulatory filing.

Through six months, revenue was off 57 percent, to $5.1 million. Last year, Kate Lanphear was still editing the title.

Biglari installed himself as editor-in-chief late last year and brought in former GQ Style Guy columnist Glenn O’Brien as editor at large.

Kevin Martinez, lured from Details to be vice president and publisher in 2014 — reputedly with a seven-figure package — left in February.

“We have been making adjustments in operations to reduce dramatically the high fixed costs inherent in the media business,” the company said in the filing.

This week, Martinez landed at Time Inc. as the vice president group sales director of In Style and Style Watch, replacing Patrick Connors, who resigned.