The maker of Sharpie, Newell Brands, will be closing some of its stores and cutting more than 900 employees globally as part of a new productivity drive.

Around 10 per cent of the company’s professional employees in the US will be cut starting later this month, with international layoffs through next year, Newell has said. The company says this will have a limited impact on manufacturing and the supply chain.

Also part of their productivity plan will see Newell Brands close approximately 20 Yankee Candle stores in the US and Canada, a measure that is expected to take effect in January 2026. The stores collectively represent roughly 1 per cent of the brand’s sales. 

“We’ve made meaningful progress executing our strategy and strengthening Newell Brands, but there is more work to do,” said CEO and president Chris Peterson. “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.”

Newell claims that the cuts will raise performance standards, simplify processes, and redirect resources to the ‘highest-value’ activities. Once fully implemented, Newell says the productivity plan is expected to generate annualized pre-tax cost savings of $110 million to $130 million.

Since 2023, Newell has been implementing its productivity plans and attempting to revive sales. Its share price has fallen by 63 per cent this year. While sales are expected to improve, rates have been slower than expected.