Sharpie maker Newell Brands will cut 900 jobs, representing 3.8% of its global workforce, and take up to $90 million in restructuring charges, the company said Monday. Additionally, it will close about 20 Yankee Candle stores in the U.S. and Canada, representing about 1% of the scented candle brand’s sales, by January of next year.
Consumer goods companies like Newell have faced difficulties due to tariff-related costs as well as weak consumer demand due to inflation and economic uncertainty.
Newell expects to record a pre-tax charge of between $75 million and $90 million as part of the restructuring; these positions will be recognized at the end of 2026. The company noted that the latest job cuts affect approximately 10% of its global professional and administrative employees. As of December 31, 2024, Newell will employ approximately 23,700 people worldwide.
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The restructuring effort is expected to generate annual cost savings of between $110 million and $130 million, the company said.
The company now expects the fourth-quarter net sales decline to be at the high end of its previous forecast range of between 1% and 4%, as sales in Latin America are improving at a slower pace than expected.
In October, Newell had forecast a broader decline in annual sales than previously anticipated and cut its profit forecast, citing the impact of tariff costs and sluggish demand.
Newell has been in the midst of a restructuring process for the past two years as it struggles to revive its sales. Its shares have fallen 63% this year.
With information from Reuters
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