(Reuters) – Newell Brands Inc said on Monday it will cut about 13% 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.
Shares of Newell rose about 3% to $15.51 in morning trading. They fell about 40% last year as the company struggled with weakening demand.
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.
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As of Dec. 31, 2021, the company employed about 32,000 people worldwide, according to a regulatory filing.
(Reporting by Granth Vanaik in Bengaluru; Editing by Shinjini Ganguli)