Sharpie-owner Newell to cut 13% of office roles

Sharpie markers owned by Newell Brands are seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly

Jan 23 (Reuters) - Newell Brands Inc (NWL.O) 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 (SPOT.N) to online furniture retailer Wayfair Inc (W.N) - 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.

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

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