- Bank of NY Mellon Profit Falls 88 Percent
- Microsoft Expected to Cut Jobs as Profit Weakens
- Citi Cuts Dividend to One Cent, As Expected
- CSX Profit Falls on Charge, Meets Expectations
- Madoff Investors Likely to See Only a Small Recovery
- IBM Profit Tops Forecast; Outlook Better than Expected
- Investors Brace for Brutal News in Industrial Sector
- NRG Considers Rival Bids to Exelon Offer
- Read Obama's Full Speech
- Cramer's 10 Tips for Obama
- Your First Move For Wednesday January 21st
- Tuesday's Web Extra
- Fast & Furious Trades For Wednesday
- Intel Source: Bloomberg 'Memo' a 'Stretch'
- Take Your Position: Apple
- Late Details On Hedge Fund Manager Disappearance
- Pops & Drops: Newmont Mining, Altria...
- Like Nation, Market Needs A New Leader
- Anguilla offshore manager accused of theft
- Extra, extra! Newspapers print inaugural editions
- Insider Q&A: John Challenger
- Yankee Candle parent to close stores, cut 330 jobs
- Earnings roundup: BONY Mellon, State Street
- American Superconductor sees wider fiscal 3Q loss
- Outlook roundup: Analog Devices, Cree
- Movers roundup: Apple, Harley-Davidson
- Credit card rewards programs getting stingier
Text Size 
SOUTH DEERFIELD, Mass. - Yankee Holding Corp. and its subsidiary The Yankee Candle Co. said Tuesday that the company is slashing 330 jobs as part of a restructuring plan that includes closing its 28 Illuminations retail stores.
Yankee is also discontinuing its Illuminations consumer direct business and closing one underperforming Yankee Candle retail store.
The job cuts include about 310 store employees and field personnel in the Illuminations division, about 10 store employees at the closing Yankee Candle retail store, and about 12 corporate and administrative personnel at corporate headquarters.
According to Capital IQ, the company has 3,800 employees and operated 459 retail stores at the end of 2007. Yankee Candle, which makes and sells candles and accessories, was acquired by Madison Dearborn Partners LLC in February 2007.
The company expects to book about $18 million to $22 million in restructuring charges in the fourth quarter of fiscal 2008 and the first quarter of 2009. About half of the total will be cash charges, Yankee said.
The company expects to complete nearly all of its restructuring plan by April 30. Yankee said all affected full and part-time employees are being offered a severance package.
In a statement, Yankee Candle Chairman and Chief Executive Craig Rydin said the action is part of the company's ongoing efforts to reduce its cost structure, focus its resources on the core Yankee Candle business, improve its return on invested capital and increase operating efficiency.
The company expects to close the Illuminations stores — which are located primarily on the West Coast — by April 30. Rydin said the company plans to continue developing and marketing Illuminations branded products mostly through its wholesale business. The Company acquired the Illuminations business in July 2006.
The CEO also noted that the restructuring does not affect the company's plans to open new Yankee Candle retail stores.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes