Newell Brands, the company behind brands such as Yankee Candle, Paper Mate, and Elmer's, announced its plan a corporate restructuring to become a more efficient as well as flexible organization.
This change is part of Newell's turnaround plan, which started in 2023, aimed at simplifying the business so it can invest in more important areas. The company is focusing on automation, digitization, and artificial intelligence in retail to help make this happen.
The goal is to make operations simpler, speed up decision-making, as well as enhance how the company plans its strategies.
As part of its global productivity plan, Newell Brands will lay off 900 employees, about 10% of its professional and clerical staff. The company says this will not heavily affect its manufacturing and supply chain operations.
Newell will close around 20 Yankee Candle stores in the U.S. and Canada in January 2026, which makes up about 1% of the brand’s sales. This strategy is part of the company’s effort to adapt to evolving shopping habits and focus more on online as well as other sales channels.
The plan is expected to save the company about USD 110 million to USD 130 million in costs.
Executive Statement
According to Chris Peterson, president and CEO, they have made meaningful progress executing their strategy and strengthening Newell Brands, but there is more work to do. This productivity plan is about taking the next, disciplined step to enhance efficiency, sharpen their strategic focus and deliver stronger, more consistent performance.
