Newell Brands, owner of outdoor brands Marmot, Coleman, and Contigo, announced a “global productivity plan” Monday that will eliminate over 900 professional and clerical jobs, or about 10% of its office workforce.
The company, which also owns Calphalon, Crockpot, FoodSaver, Sharpie and a wide range of other brands, said the move is designed to strengthen its competitiveness and deliver greater value for consumers. The job cuts will have a limited impact on manufacturing or supply chain operations, according to a company press release.
“We’ve made meaningful progress executing our strategy and strengthening Newell Brands, but there is more work to do,” President and CEO 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.”
Newell has cut professional staff before, including last year, when it eliminated 7% of its office staff.
The newly-announced layoffs are expected to occur this month in the U.S., while international job cuts will continue through 2026.
As part of the plan, Newell will also close approximately 20 Yankee Candle stores in the United States and Canada, representing about 1% of the brand’s sales. The company said this move aligns its retail footprint with modern consumer shopping patterns.
Newell Brands expects to incur pre-tax charges of approximately $75 million to $90 million, primarily for severance costs, with most of the charges recognized by the end of 2026. Once fully implemented, the plan is expected to generate annualized pre-tax cost savings of approximately $110 million to $130 million.
The company expects fourth-quarter net and core sales results to be toward the lower end of its guidance range due to slower-than-anticipated sales improvement in Latin America.
Chris Peterson and CFO Mark Erceg are scheduled to discuss the restructuring plan at the Morgan Stanley Global Consumer & Retail Conference on Dec. 2.
