Newell Brands Slashes Jobs, Closes Stores

Newell Brands has announced a substantial restructuring, including the layoff of over 900 employees worldwide, representing about 10% of its workforce. This significant workforce reduction will occur this month for U.S. employees, while international staff will see layoffs through 2026, adhering to local labor laws. The company, which also owns brands like Rubbermaid and Sharpie, is taking these measures to bolster its financial health and operational efficiency.

In addition to job cuts, approximately 20 Yankee Candle stores across the U.S. and Canada are slated for closure by January 2026. These closures are expected to impact about 1% of the brand's sales. This strategic move is projected to generate annual pretax cost savings ranging from $110 million to $130 million, reflecting a disciplined approach to improving the company's performance.

President and CEO Chris Peterson stated that these actions are a necessary step to enhance efficiency and focus the company's strategy for stronger, more consistent results. This development follows a trend of retail cutbacks, with other major chains also trimming their physical footprints. Newell Brands' stock has seen a considerable decline of over 62% year to date.