Newell to cut 900 jobs, close 20 Yankee Candle stores
Newell Brands said Monday it will lay off more than 900 employees—about 10% of its workforce—and close roughly 20 Yankee Candle stores in the U.S. and Canada early next year as part of a cost-cutting plan. The company expects up to $90 million in charges, largely for severance, and projects up to $130 million in savings while it increases automation and AI use. The moves follow Q3 results showing $1.8 billion in net sales (down 7.2% year over year) and a return to profitability with $21 million in net income.
📌 Key Facts
- Layoffs of 900+ workers (~10%) begin this month
- About 20 Yankee Candle stores to close in January 2026
- Up to $90M in charges; up to $130M in expected savings
📊 Relevant Data
Since 2000, automation has resulted in 1.7 million U.S. manufacturing jobs being lost.
59 AI Job Statistics: Future of U.S. Jobs — National University
The unemployment rate in the U.S. manufacturing industry was 3.70% in September 2025.
Unemployment Rate - Manufacturing Industry, Private Wage and Salary Workers — Trading Economics
U.S. store closures totaled 7,325 in 2024, the highest number since 2020.
Retail CRE in Transition: Consumer Shifts, CMBS Exposure, & E-Commerce Growth — Trepp
The second quarter 2025 U.S. e-commerce estimate increased 5.3 percent from the second quarter of 2024.
Quarterly Retail E-Commerce Sales Report — U.S. Census Bureau