Newell Brands Inc. said on Monday it will cut about 13 percent of its office positions, in a bid to save costs amid stubbornly high inflation that has pressured consumer spending.
The sharpie maker joins a growing list of companies in corporate America—from Wall Street Banks and tech companies such as Spotify Technology SA to online furniture retailer Wayfair Inc—that have reduced their workforce amid worries of an economic downturn.
Newell said it will begin laying off employees in the first quarter of 2023.
The company said on Monday it expects to realize annualized pre-tax savings of $220 million to $250 million when restructuring changes are fully implemented.
It estimates the restructuring and related charges to be in the range of $100 million to $130 million.
As of Dec. 31, 2021, the company employed about 32,000 people worldwide, according to a regulatory filing.
