55-year-old iconic candle company closing stores, layoffs pending

This is supposed to be the time of year when retailers are filling their coffers. During November and December, a typical retailer bring in around 19% of their annual revenue, according to the National Retail Federation (NRF) Winter Holiday Forecast.

But economic challenges across the retail landscape have forced retailers to make difficult decisions.

Increased labor costs and rent, plus higher cost of goods, coupled with uncertainty around tariffs, has forced many well-known legacy brands to close their doors permanently or make tough restructuring plans.

The latest retailer to face restructuring pressures is Yankee Candle, a company that has been selling popular scented candles for 55 years.

A history of Yankee Candle

• 1969: Founder Mike Kittredge makes his first candle from melted crayons, launching Yankee Candle out of his family home in Massachusetts.

• 1973-1974: Operations move to a former mill in Holyoke; the company introduces its signature apothecary-jar scented candles.

• 1983: Manufacturing and retail relocate to South Deerfield, MA, which becomes the brand’s long-term home base.

• 1993: The flagship “Yankee Candle Village” opens in South Deerfield, transforming the store into a tourist destination.

• 1998-1999: Private-equity investment fuels rapid retail expansion; the company completes its IPO.

• 2005: A second flagship “Village” store opens in Williamsburg, Virginia, extending the experiential-retail concept.

• 2013: Yankee Candle is acquired by Jarden Corporation, joining a larger portfolio of consumer brands.

• 2016: Through Jarden’s merger with Newell Rubbermaid, Yankee Candle becomes part of Newell Brands.

• 2019: Yankee Candle opens a 20,000-square-foot R&D and fragrance innovation center in South Deerfield, signaling Newell’s push to modernize product development and refresh the brand.

• 2024: Newell closes a major Yankee Candle distribution center in South Deerfield, laying off about 100 workers. Source: Yankee Candle

Yankee Candle parent Newell will close 20 stores

Atlanta-based Newell Brands, the consumer-goods giant that owns Yankee Candle, Rubbermaid, along with brands like Sharpie, Oster, and Elmer’s, announced Dec. 1 that it will lay off roughly 900 employees worldwide, according to an SEC filing. That accounts for about 10% of its global professional and clerical workforce.

The layoffs are part of a wide-reaching productivity plan.

Yankee Candle has been a leader in the home fragrance sector for decades, selling a dizzying array of scented candles, home fragrances, and scented car accessories.

The U.S. cuts are expected to begin this month, while international reductions will continue through 2026, depending on local laws and consultation requirements. In addition, Newell plans to shutter approximately 20 of its retail outlets for Yankee Candle in the U.S. and Canada by January — representing roughly 1% of that brand’s sales footprint, as reported on Nasdaq.

Yankee Candle battered by tariffs and lower consumer demand

The move comes after a difficult quarter at Newell. In its third-quarter 2025 report, the company revealed net sales of $1.8 billion — a 7.2% drop compared with the prior year, per the Newell Brands, October 31, 2025, earnings call.

Gross margin shrank to 34.1%, down from 34.9% a year earlier.

Related: 133-year-old drug company plans layoffs, files WARN notice

"Our turnaround continues to advance, even as Newell and the broader industry navigated significant trade disruptions in the third quarter," Newell Brands President and Chief Executive Officer Chris Peterson said on the call.

"Our team responded swiftly with strategic measures including sourcing changes, pricing actions, and productivity initiatives to mitigate the impact. Sales were affected by reduced retail inventory levels, softness in international markets — particularly in Brazil — and moderated demand following tariff driven pricing actions," Peterson said.

Which Yankee Candle Stores are closing

The company will close around 20 stores in January 2026, according to a Dec. 1 news release.

Newell did not disclose which locations will be shuttered.

"This retail optimization aligns the brand’s footprint with modern consumer shopping behaviors and supports its multi-channel growth strategy," per the announcement.

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 10 best-selling candle brands in the U.S.

Candles are an $11 billion business in the U.S., with Yankee Candle being the second-biggest in terms of annual revenue. The following are estimated earnings by company:

• Bath & Body Works / White Barn: $1,150 million

• Yankee Candle: $900 million

• Glade (SC Johnson & Sons): $600 million

• NEST New York: $285 million

• Village Candle: $170 million

• Colonial Candle: $150 million

• PartyLite: $140 million

• Diptyque: $120 million

• Cire Trudon: $85 million

• Northern Lights: $75 million Source: ReportPrime

Related: Iconic sporting goods, sneaker retailer closing stores

This story was originally published by TheStreet on Dec 2, 2025, where it first appeared in the Retail section. Add TheStreet as a Preferred Source by clicking here.