Summary
Newell Brands, the company that owns Yankee Candle, announced it will lay off more than 900 employees and close about 20 stores across North America. This move is part of a plan to improve efficiency and create lasting value for the company. The layoffs are part of a broader trend of job cuts in 2025, affecting many large U.S. employers.
Key Facts
- Newell Brands plans to cut over 900 jobs, about 10% of its professional and clerical workforce.
- The layoffs will take place mainly in the U.S., with additional global reductions in 2026.
- Around 20 Yankee Candle stores in the U.S. and Canada will close by January 2026.
- The company aims to create a more agile and high-performing business.
- Newell Brands reported a 7.2% decline in net sales in the third quarter, blaming tariffs and retaliatory duties.
- The company's turnaround plan aims to save $110 million to $130 million annually.
- Restructuring costs are expected to be between $75 million and $90 million.
- The company's plan is part of a broader trend of significant layoffs in 2025 in the U.S.
