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One Yankee Candle store will also be closed as part of company’s cost-cutting “restructuring plan”
The Yankee Candle Company Inc. (South Deerfield, Mass.) has announced a restructuring plan in which it will close its 28 Illuminations retail stores and one underperforming Yankee Candle store and make limited reductions in its corporate and administrative workforce. The company said it expects to close the Illuminations stores by April 30, 2009.
"Decisions like these which affect our employees are very difficult ones," said chairman and ceo Craig Rydin. "But given this unprecedented macro-economic environment, particularly in the retail sector, we believe that this restructuring plan is necessary and appropriate as part of our ongoing efforts to reduce our cost structure, focus our resources primarily on our core Yankee Candle business, optimize our return on invested capital and increase our overall operating efficiency.”
Rydin said the actions would have “no impact on our plans for Yankee Candle retail store growth, and we currently expect to continue to open new Yankee Candle retail stores at a pace similar to that of recent years."
Yankee Candle acquired the Illuminations business in July 2006. The Illuminations retail stores are located primarily on the West Coast.
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