Sharpie maker Newell Brands to close 20 Yankee Candle stores, cutting 900 jobs
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Newell Brands will close 20 Yankee Candle stores across North America starting in January as part of a plan to move the brand’s retail stores.
The closure, which accounts for about 1% of the brand’s sales, is part of the company’s broader plan to align its efforts with “today’s consumer shopping behavior and supports its multiven-charset growth strategy and supports its growing multives alengles strategy.”
Michael Kittredge first 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. Jaarden Corp. bought Yankee Candle in 2013 for $1.75 billion. The candle company becomes part of Newell products after Newell Rubbermaid merged with Jarden CORP. In 2016.
Dreamy candles on display at the Yankee Candle Company store in South Deerfield, Massachusetts. (John Greim / Lighstracket Via Getty Images)
Newell, which also owns brands like Sharvie, Rubbermaid and Mr. Coffee, has announced a global strategy aimed at creating a more open organization that can compete in the market.
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In addition to closing some stores, the company will also reduce its global workforce by more than 900 employees, or about 10% of trained and teaching staff. There will be “limited impact” on production or supply chain action, according to Toutell.
Most of the professional and academic cuts in the US will take place in December, with many of its foreign markets continuing through 2026.
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Yankee Candle Store in South Deerfield, Massachusetts. (Pet Pictures)
The latest move to build on its dynamic plan launched in 2023. However, Netell says that the latter will make the company more efficient by setting higher performance expectations, cutting unnecessary costs and focusing on higher spending.
| It’s teasing | Security | – Last | Answer | Change % |
|---|---|---|---|---|
| Nwl | Newell Brands Inc. | 3.85 | +0.20 |
+ 5.62% |
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A candle display at the Yankee Candle Flagship Store in South Deerfield, Massachusetts. (John Greim / Lighstracket Via Getty Images)
Nelog CEO Chris Peterson said the company has made “meaningful progress” on its strategy and strengthening Nell’s brands but there is more to do.
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“This production plan is about taking the next step, with a determined direction to improve efficiency, and deliver stronger performance, and, our goal is to bring greater value to consumers and create long-term value for our shareholders,” said Peterson.
