"Yankee Candle to shut stores, shed jobs" by Associated Press | January 21, 2009
SOUTH DEERFIELD - Yankee Holding Corp. and its subsidiary The Yankee Candle Co. said yesterday the company is slashing 330 jobs as part of a restructuring plan that includes closing its 28 Illuminations retail stores.
Local paper just had article last week saying they were fine this year. WTF?
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....
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....
Corporations always say that; I guess the funky housing market is hurting them. Candles not needed in empty homes.
