Newell Brands is rolling out a global productivity plan to boost its market competitiveness. As part of this strategy, 20 Yankee Candle stores across the U.S. will close, and hundreds of employees worldwide will be laid off.
Newell Brands’ Global Productivity Plan to Close Yankee Candle Stores
As part of its global productivity plan, Newell Brands has announced the upcoming closure of several Yankee Candle stores. The closures represent about 1% of Yankee Candle’s total sales, signaling a small but notable shift in the brand’s footprint. As the company restructures itself to strengthen its competitive position, the result of these plans will also mean hundreds of employees being laid off.
The plan was made in response to the company’s performance challenges and other economic factors. While this decision may disappoint longtime Yankee Candle fans, the company says it’s a necessary step to stay competitive.
Yankee Candle first opened in 1973 in Massachusetts. It was acquired by Jarden Corp in 2013 and later became part of Newell Brands following its 2016 merger.
Reason Behind the Closure
The closures reflect Newell Brands’ effort to adapt to shifting U.S. consumer habits and retail trends. While adapting to shifting consumer behavior, it has noticed the need to reduce the brand’s footprint. This will not only reduce operational costs but also help the brand position itself among competitors.
Meanwhile, this move is also the company’s response to broader market pressures and investor concerns. The recent inflationary pressure and increased tariff costs are additional reasons for this move. Through this plan, the company will be able to deliver a stronger performance with a sharpened strategic focus.
Impact on the Company and Job Cuts
One of the major impacts of this plan is the loss of jobs for hundreds of employees. Sparing manufacturing and supply chain staff, professional and clerical staff will see a major change. The company aims to lay off over 900 employees worldwide, among whom 10% are professional and clerical staff.
Around 20 Yankee Candle stores will witness closures in the U.S. and Canada. The closures will begin in January 2026, but specific stores have not yet been announced.
The restructuring impacts the company financially as much as it affects employees. The restructuring is expected to incur pre-tax charges up to $90 million. However, once fully handled, it is anticipated to save $110 million to $130 million annually. The company expects the plan to ease financial pressures and position itself for a more stable future.
