Newell Brands will close 20 Yankee Candle stores across North America beginning in January as part of a plan to streamline the brand’s retail footprint.
The closures, which account for roughly 1% of brand sales, are part of the company’s broader optimization plan to align its footprint with “modern consumer shopping behaviors and supports its multi-channel growth strategy.”
Michael Kittredge started Yankee Candle in 1969 and opened its first official store four years later in South Deerfield, Massachusetts. The candle company became a household name in the ‘80s and ’90s. Jarden Corp. bought Yankee Candle in 2013 for $1.75 billion. The candle company became part of Newell Brands after Newell Rubbermaid merged with Jarden Corp. in 2016.
Newell, which also owns brands like Sharpie, Rubbermaid and Mr. Coffee, announced a global strategy aimed at building a more agile and high-performing organization that can better compete in the market.
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Aside from closing certain stores, the company will also reduce its global workforce by over 900 employees, or approximately 10% of professional and clerical employees. There will be a “limited impact” on manufacturing or supply chain operations, according to Newell.
Most of the professional and clerical cuts in the U.S. will occur in December, with more layoffs across its international markets continuing through 2026.
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The latest moves build on its turnaround plan that was launched in 2023. However, Newell says its latest changes will make the company run more efficiently by setting higher performance expectations, cutting unnecessary steps and focusing spending on what adds the most value.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NWL | NEWELL BRANDS INC. | 3.85 | +0.20 | +5.34% |
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Newell CEO Chris Peterson said the company had made “meaningful progress” executing its strategy and strengthening Newell Brands but there is more work to be done.
“This productivity plan is about taking the next, disciplined step to enhance efficiency, sharpen our strategic focus, and deliver stronger, more consistent performance. Ultimately, our goal is to deliver greater value for consumers and create sustained long-term value for our shareholders,” Peterson said.
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