Newell Brands to Close Stores and Cut 900 Jobs

Newell Brands, the parent company of Sharpie and Yankee Candle, announced it will lay off over 900 workers, approximately 10% of its workforce, as part of a cost-cutting initiative. The company will also close around 20 Yankee Candle stores in the U.S. and Canada in early 2026 to align with modern shopping behaviors. Despite a reported net income increase in the third quarter, Newell’s shares have plummeted nearly 62% this year. The plan is projected to save up to $130 million long-term, with an initial cost of up to $90 million for the layoffs and closures.

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