Candles and lights are typically a festive part of the holiday season but, this year, Yankee Candle has little reason to celebrate.
Its parent company, Newell Brands, has announced that it will lay off over 900 employees worldwide—about 10% of its professional and clerical workforce.
Layoffs in the U.S. will mostly occur this month, while international employees—like those from countries with greater worker protections—will see layoffs take place through 2026, “subject to local law and consultation requirements.”
Newell Brands also owns Oster, Rubbermaid, Elmers, and Sharpie, among others.
Some Yankee Candle stores will shutter by January 2026
Newell Brands is also closing approximately 20 Yankee Candle stores across the U.S. and Canada.
According to Newell Brands, these stores make up about 1% of Yankee Candle’s brand sales. The locations are likely to close in January 2026.
Fast Company has reached out to Newell Brands for a list of all impacted stores and will update this post if we hear back.
Newell Brands predicts the layoffs and store closures will save $110 million to $130 million in annual pre-tax costs.
“We’ve made meaningful progress executing our strategy and strengthening Newell Brands, but there is more work to do,” president and CEO of Newell Brands Chris Peterson said in a statement. “This productivity plan is about taking the next, disciplined step to enhance efficiency, sharpen our strategic focus, and deliver stronger, more consistent performance.”
It’s far from the only large company that has trimmed its brick-and-mortar footprint in recent months. Claire’s, Foot Locker, and Petco are among the retail chains that have announced store closures in the latter half of 2025.
Shares of Newell Brands (Nasdaq: NWL) have declined significantly this year. As of Wednesday’s market close, the stock is down more than 62% year to date.
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