Newell Brands, the maker of Sharpie and Yankee Candle, said Monday it is laying off more than 900 workers, or about 10% of its workforce, as the company seeks to cut costs.
Newell also said in a statement that it will close roughly 20 Yankee Candle stores across the U.S. and Canada early next year as part of its cost-cutting plan. The layoffs are set to begin this month, according to the Atlanta-based company. Newell’s other brands include Mr. Coffee, Oster, Rubbermaid and Sunbeam.
The publicly listed company, whose shares have fallen nearly 62% this year amid slowing growth, launched a turnaround plan in 2023 as it tries to boost sales. The company has also said it will increase its use of automation and artificial intelligence to boost productivity.
“We’ve made meaningful progress executing our strategy and strengthening Newell Brands, but there is more work to do,” Newell Brands president and CEO Chris Peterson said in a statement. “This productivity plan is about taking the next, disciplined step to enhance efficiency, sharpen our strategic focus, and deliver stronger, more consistent performance.”
In October, Newell reported third-quarter net sales of $1.8 billion, down 7.2% from the year-ago period. Net income for the quarter rose to $21 million, compared with a net loss of $198 million in the year-ago period.
Newell did not disclose which Yankee Candle stores will close in January of 2026, but said the move “aligns the brand’s footprint with modern consumer shopping behaviors.”
The company expects to take a charge of up to $90 million to complete the layoffs and store closures, mostly for severance costs. Over the longer term, the plan is expected to generate cost savings of up to $130 million.
Other makers of consumer goods have also faced headwinds, such as added costs from tariffs and tepid consumer demand as consumers grapple with higher costs.
