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Newell Manufacturers will shut 20 Yankee Candle shops throughout North America starting in January as a part of a plan to streamline the model’s retail footprint.
The closures, which account for roughly 1% of brand name gross sales, are a part of the corporate’s broader optimization plan to align its footprint with “modern consumer shopping behaviors and supports its multi-channel growth strategy.”
Michael Kittredge began Yankee Candle in 1969 and opened its first official retailer 4 years later in South Deerfield, Massachusetts. The candle firm turned a family title within the ‘80s and ’90s. Jarden Corp. purchased Yankee Candle in 2013 for $1.75 billion. The candle firm turned a part of Newell Manufacturers after Newell Rubbermaid merged with Jarden Corp. in 2016.
Scented candles on show on the Yankee Candle firm retailer in South Deerfield, Massachusetts. (John Greim/LightRocket by way of Getty Photographs)
Newell, which additionally owns manufacturers like Sharpie, Rubbermaid and Mr. Espresso, introduced a worldwide technique geared toward constructing a extra agile and high-performing group that may higher compete available in the market.
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Other than closing sure shops, the corporate will even scale back its international workforce by over 900 workers, or roughly 10% {of professional} and clerical workers. There will probably be a “limited impact” on manufacturing or provide chain operations, based on Newell.
Many of the skilled and clerical cuts within the U.S. will happen in December, with extra layoffs throughout its worldwide markets persevering with by way of 2026.
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The flagship Yankee Candle retailer in South Deerfield, Massachusetts. (Getty Photographs)
The most recent strikes construct on its turnaround plan that was launched in 2023. Nonetheless, Newell says its newest adjustments will make the corporate run extra effectively by setting larger efficiency expectations, chopping pointless steps and focusing spending on what provides probably the most worth.
Ticker Safety Final Change Change % NWL NEWELL BRANDS INC. 3.85 +0.20
+5.34%
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A show of candles on the Yankee Candle flagship retailer in South Deerfield, Massachusetts. (John Greim/LightRocket by way of Getty Photographs)
Newell CEO Chris Peterson stated the corporate had made “meaningful progress” executing its technique and strengthening Newell Manufacturers however there’s extra work to be completed.
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“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 stated.
