conditions and changing customer priorities," according to a filing with the Securities and Exchange Commission . Newell Brands announced on Monday that it will eliminate 13% of its office positions as part of a restructuring and savings initiative called "Project Phoenix."
McKinnon apologized to employees saying that a workforce reduction was "the last thing" he wanted to do. "Over the past year, we made significant progress in strengthening and reshaping our company to address the challenging macro-economic environment while continuing to invest to meet our customers’ needs," Schulman said.
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