"Its parent company, Newell Brands, has announced that it will lay off over 900 employees worldwide-about 10% of its professional and clerical workforce. Layoffs in the U.S. will mostly occur this month, while international employees-like those from countries with greater worker protections-will see layoffs take place through 2026, "subject to local law and consultation requirements." Newell Brands also owns Oster, Rubbermaid, Elmers, and Sharpie, among others."
"Newell Brands predicts the layoffs and store closures will save $110 million to $130 million in annual pre-tax costs. "We've made meaningful progress executing our strategy and strengthening Newell Brands, but there is more work to do," president and CEO of Newell Brands Chris Peterson said in a statement. "This productivity plan is about taking the next, disciplined step to enhance efficiency, sharpen our strategic focus, and deliver stronger, more consistent performance.""
Newell Brands will lay off over 900 employees worldwide, representing about 10% of its professional and clerical workforce. U.S. layoffs will occur mostly this month, while international reductions may continue through 2026 subject to local law and consultation requirements. The company will close approximately 20 Yankee Candle stores across the U.S. and Canada, accounting for around 1% of Yankee Candle brand sales, with likely closures by January 2026. The measures are expected to save $110–$130 million in annual pre-tax costs. Newell Brands owns consumer names such as Oster, Rubbermaid, Elmers, and Sharpie, and its stock is down more than 62% year to date.
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