Overview
- The reductions equal roughly 10% of professional and clerical roles, with U.S. layoffs beginning in December and international actions continuing through 2026, and limited impact on manufacturing or supply chain operations.
- Newell expects pre-tax restructuring charges of $75 million to $90 million, primarily severance, and projects annualized savings of $110 million to $130 million once the plan is fully implemented.
- Approximately 20 Yankee Candle stores in the U.S. and Canada will close in January 2026, representing about 1% of the brand’s sales, and the company has not disclosed which locations will be affected.
- Executives cite tariff-driven costs and softer demand, following a third-quarter net sales decline of about 7% year over year and a narrower gross margin.
- The productivity plan is enabled in part by expanded use of automation, digitization and artificial intelligence as Newell advances its 2023 turnaround strategy.