Articles

Yankee Candle Hit by Hard Times, to Cut Jobs

In economics/money, local news on January 21, 2009 by Editor Z

Another example of how a decimated economy is affecting businesses. This one, if you live in Western Massachusetts is one that certainly strikes close to home, as the Yankee Candle Company based in the small rural community of South Deerfield, MA.

WWLP:

SOUTH DEERFIELD, Mass. (AP) – The Yankee Candle Co. says it will cut 330 jobs and close one underperforming retail store as part of a restructuring plan.

The parent company of the scented candle maker also plans to close its 28 Illuminations retail stores — which are located primarily on the West Coast.

Yankee Candle said the job cuts will include about a dozen corporate and administrative personnel at its Deerfield, Mass., headquarters.

The company said it expects to take a restructuring charge of about $18 million and $22 in the fourth quarter of fiscal 2008 and the first quarter of 2009.

Yankee Candle Chairman and Chief Executive Craig Rydin said the restructuring will not affect plans to open new retail stores this year.

The company currently owns and operates 463 retail stores in 43 states.


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