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Yankee Candle Announces Restructuring Plan
Posted: January 22, 2009
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The restructuring plan will result in the termination of the employment of approximately 330 employees, including approximately 310 store employees (which includes part-time and seasonal employees) and field personnel in the Illuminations division, approximately 10 store employees (including part-time and seasonal) in the one Yankee Candle retail store to be closed, and approximately 12 corporate and administrative personnel in the company's corporate headquarters. All affected full and part-time employees are being offered a severance program.
"We believe that the actions, while difficult, are in the best long-term interests of the company and its employees and equity-holders," said Rydin. "Looking ahead, we will continue to carefully manage our cost and expense structure while also continuing to invest in key strategic and growth initiatives to further leverage the strength of the Yankee Candle brand."