How to survive layoffs and protect your finances
As more Americans lose their jobs, these tips will help you protect your finances, secure health insurance, and find your next job faster.
The parent company of Rubbermaid, Sharpie and Yankee Candle announced on Monday, Dec. 1, that it would lay off 900 people from its global workforce, becoming the latest company to announce job cuts.
Newell Brands said in a news release that the approximately 10% reduction in professional and administrative staff will have “limited impact on manufacturing and supply chain operations.” The U.S. job cuts are expected to take place in December, with international job cuts next year.
The company also plans to close about 20 Yankee Candle stores in the U.S. and Canada as part of what it calls a “global productivity plan.” The closure is scheduled to take effect in January, according to the release.
The company did not specify in the release which Yankee Candle stores it would close. Newell Brands did not provide a list of closed stores when USA TODAY reached out for comment, but said in a statement that the closures “represent approximately 1 percent of the brand’s sales and reflect our continued efforts to align with the way consumers shop today.”
“This productivity plan is designed to increase efficiency, sharpen our strategic focus, and take disciplined next steps to deliver stronger, more consistent performance,” Newell Brands President and CEO Chris Peterson said in a release.
The company said the restructuring is expected to incur costs of approximately $75 million to $90 million, primarily including severance and related costs. The plan is expected to save approximately $110 million to $130 million annually.
Layoff announcements continue
Newell Brands’ announcement continues a trend of companies announcing job cuts, including Amazon, General Motors, Target and Verizon.
Employers cut more than 150,000 jobs in October, the largest wave of layoffs in more than 20 years, according to a Nov. 6 report in Challenger, Gray & Christmas.
The outplacement agency says 2025 is the worst year for announced layoffs since 2009, Challenger said, adding: “Those currently laid off are finding it harder to secure new jobs quickly.”
U.S. employers added 119,000 jobs in September, but the unemployment rate rose to 4.4% from 4.3% in August, its highest level in nearly four years, according to the jobs report released Nov. 20.
Companies have cited a variety of reasons for layoffs, from artificial intelligence to tariffs to corporate restructuring.
Andy Challenger, chief revenue officer at Challenger, Gray & Christmas, said in a statement: “Some industries are correcting course after the pandemic-induced hiring boom, as the adoption of AI, softening consumer and business spending, and rising costs are driving tightening and hiring freezes.”
