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National Candle Maker Plans to Close Stores, Lay Off Staff
Newell Brands aims to save $110–130 million annually by cutting 900 jobs and closing 20 Yankee Candle stores amid sales declines and tariff impacts.
- Newell Brands said Monday, Dec. 1 it will lay off approximately 900 global professional and clerical employees, cutting about 10% of staff with U.S. layoffs starting this month.
- Executives pointed to tariffs and trade disruptions when Q3 performance showed sales and margin declines, and the company’s 2023 turnaround plan followed shares falling nearly 62% this year amid low visibility and high debt.
- Newell expects to incur about $75 million to $90 million in severance and related costs, while the plan will save roughly $110 million to $130 million annually.
- The company will also close about 20 Yankee Candle stores in the U.S. and Canada by January next year, representing roughly 1% of brand sales with limited manufacturing impact.
- At quarter end the company had $4.8 billion in debt and shares down nearly 62% this year, with plans to increase automation and artificial intelligence.
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Sharpie Maker Cutting 900 Jobs to Strengthen Competitiveness
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Read Full ArticleYankee Candle to close nearly two dozen stores under cost-cutting plan
Nearly two dozen Yankee Candle stores in the U.S. and Canada will close in early 2026 as parent company Newell Brands rolls out what it calls a global productivity plan.The company said the plan includes cutting about 10% of its workforce, or roughly 900 employees.RELATED STORY | Holiday shoppers defy economic uncertainty with billions spent on Black FridayNewell did not disclose which Yankee Candle locations will be affected by the closures.Yan…
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Total News Sources21
Leaning Left2Leaning Right4Center10Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
13%
C 62%
R 25%
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