Newell Brands Cuts Costs, Closures & Layoffs
Update: 2025-12-01
Description
Newell Brands, the parent company of Yankee Candle, Mr. Coffee, and Rubbermaid, is implementing significant cost-cutting measures, including store closures and layoffs, to boost sales and improve financial performance. The company, which has seen a 62% drop in shares this year, plans to increase automation and AI usage. Despite a 7.2% decrease in third-quarter net sales, net income rose to $21 million, up from a net loss of $198 million last year. The specific Yankee Candle stores to close in January 2026 have not been disclosed, but the move aims to align the brands physical presence with current consumer shopping habits. The company expects to incur up to $90 million in charges for severance packages and store closures, with potential long-term savings of up to $130 million.
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