Newell Brands To Reduce Global Workforce
(RTTNews) - Newell Brands (NWL) announced the company will reduce global workforce by over 900 employees or approximately 10% of professional and clerical employees, with limited impact on manufacturing or supply chain operations. Newell Brands will close approximately 20 Yankee Candle stores in the United States and Canada which, collectively, represent roughly 1% of brand sales, with closures expected to take effect in January 2026.
The company expects to record pre-tax restructuring and related charges of approximately $75 million to $90 million, primarily for severance and related costs, with most of the charges to be recognized by the end of 2026. Once fully implemented, the productivity plan is expected to generate annualized pre-tax cost savings of approximately $110 million to $130 million.
The company affirmed its guidance for fourth quarter normalized operating margin, normalized earnings per share and operating cash flow. The company now expects that fourth quarter net and core sales results will be towards the lower end of its previously communicated guidance range.
