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Newell Brands, creator of Yankee Candle And other popular brands have announced plans to close dozens of stores More than 900 jobs cut,
This is bad news for shoppers who love walking into a Yankee Candle store and smelling their favorite holiday scents like Christmas Cookies and Sparkling Cinnamon.
About 20 Yankee Candle stores in the United States and Canada The closures will take place in January as part of the company’s new global productivity plan, based on its “turnaround strategy” starting in 2023. These stores make up only about 1 percent of Yankee Candle’s sales.
Newell Brands said Monday Press release The decision “aligns the brand’s footprint with modern consumer shopping behavior and supports its multi-channel growth strategy.”
The company, which also makes Rubbermaid and Sharpie products, said it would cut more than 900 employees, about 10 percent of the professional and clerical staff in its global workforce. Most of the job cuts in the US are expected to happen in December.
“We have made meaningful progress in executing our strategy and strengthening the Newell brands, but there is more work to do,” CEO Chris Peterson said in the release.
The executive added: “This productivity plan is about taking the next, disciplined step to increase efficiency, sharpen our strategic focus and deliver stronger, more consistent performance. Ultimately, our goal is to deliver greater value for consumers and create sustained long-term value for our shareholders.”
One goal of the new plan is to “strengthen the company’s competitiveness,” the company said.
Newell Brands shares have fallen about 62 percent this year, and in October, the company reported third-quarter net sales of $1.8 billion, down 7.2 percent from a year earlier, according to CBS. money watch Informed.
Newell Brands’ new plan includes the use of artificial intelligence “To simplify operations.” The company said the job cuts would have “limited impact on manufacturing or supply chain operations.”
According to the company, the changes will cost up to $90 million, primarily for severance. But Newell Brands said it would earn up to $130 million annually once its plan is fully implemented.