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20 Yankee Candle stores to shutter in January
The closures are part of Yankee Candle's parent company's retail optimization and growth strategy.
Yankee Candle will shutter 20 stores across the U.S. and Canada in January, its parent company, Newell Brands, announced on Monday.
The store closures are part of Newell Brands’ “global productivity plan designed to strengthen the company’s competitiveness, deliver greater value for consumers, and drive long-term value creation,” according to the announcement.
The closure of 20 stores, which represent approximately 1% of brand sales, is a “retail optimization” that aligns “with modern consumer shopping behaviors” and the Newell Brands’ overall growth strategy, the company said.
Although Newell Brands has not yet announced which stores will close, there are 36 Yankee Candle locations across New England — 15 in Massachusetts, 9 in New Hampshire, 7 in Connecticut, 3 in Rhode Island, and 2 in Maine.
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“We’ve made meaningful progress executing our strategy and strengthening Newell Brands, but there is more work to do,” Newell Brands 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. Ultimately, our goal is to deliver greater value for consumers and create sustained long-term value for our shareholders.”
In addition to closing stores, Newell Brands plans to lay off 900 employees, consisting of 10% of its professional and clerical workforce.
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