Many might wonder why the company would pull such a move during the holidays.
While it might seem like stores would want to ramp things up for the holidays, one popular brand spent the homestretch of the year making cuts.Many might wonder why the candle company would pull such a move heading into the holidays.
The idea behind the plan is “designed to the company’s competitiveness, deliver greater value for consumers, and drive long-term value creation,” per the company’sPart of the plan includes the intention of reducing the company’s global workforce by over 900 employees, which is 10% of professional and clerical employees, with little impact on manufacturing or supply chain operations. Even though most of these cuts took place in December, some were pushed back until 2026 because of local law and notice requirements. “As part of this effort, Newell Brands will close approximately 20 Yankee Candle stores in the United States and Canada, which, collectively, represent roughly 1% of brand sales, with closures expected to take effect in January 2026,” said the company. The company, whose most popular items include specialty and seasonal candles, jar candles, tumbler candles and countless others, expects to spend about $75 million to $90 million before taxes on restructuring, mostly to cover severance and related costs. Most of that spending is expected to happen by the end of 2026. Once the plan is fully in place, the company expects it to save about $110 million to $130 million a year before taxes. “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,” President and Chief Executive Officer Chris Peterson said within the release.The company must work to address a few key issues including a sales decline of 7.4% compared to last year, a decrease in gross margin to 34.1% compared to last year’s 34.9%, and other obstacles to overcome, per“The key challenge for here is that visibility is low and debt high,” Wells Fargo analysts led by Chris Carey shared in an Oct. 31 client note, included in aThe company had $4.8 billion in outstanding debt at the end of the quarter, according to Newell’s earnings release. EmilyAnn Jackman is a trending reporter for Penn Live. She handles the top trending topics on social media, as well as breaking stories in pop culture and entertainment news that goes viral on a national...
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