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Report: Newell makes major cuts to Pure Fishing

Report: Newell makes major cuts to Pure Fishing

According to an article in today’s edition of The Outdoor Wire, Newell Brands has started to make sweeping changes to Pure Fishing, one of the fishing brands included in its massive acquisition of Jarden Corporation earlier this year.

Pure Fishing’s 30-person marketing staff, based in Columbia, S.C., has been dismissed, according to the report.

A Newell spokesperson confirmed the moves in an email to BassFan last week.

“Newell Brands recently announced a new strategic framework, the Growth Game Plan, that included a simplification of the company’s structure from 32 legacy business units into 16 global operating divisions. This week, we are announcing the design and staffing of several of these new divisions, with a focus on driving accelerated growth over time. While the vast majority of our employees will either continue in their current roles or assume new or expanded roles, unfortunately, there also will be some job reductions, representing far less than 1% of our total workforce. We thank our impacted colleagues for their service. We are committed to treating them fairly and helping them transition as smoothly as possible. Over time, we expect that our plans for growth will enable us to expand employment in many of our priority business areas.”

BassFan also has learned Newell Brands informed Blue Heron Communications, based in Norman, Okla., that its public relations services for numerous Pure Fishing brands will no longer be needed. In addition, several prominent pro staffers have been told their contracts won’t be renewed.

Pure Fishing is the parent company of well-known fishing brands Berkley, Abu Garcia, Penn, Fenwick, Stren, Mitchell, Pflueger, Shakespeare, Spiderwire, among others.

The moves are cost-cutting measures as Newell looks to reduce Jarden’s operating costs by as much as $500 million and comes at a time when Newell is set to announce additional acquisitions totalling $570 million (click here), According to The Outdoor Wire article, Newell may not renew any sponsorship agreements when they expire, including Pure Fishing’s deal with B.A.S.S., which will expire next year.

The article also raises the possibility that Newell may eventually look to sell off some of the Pure Fishing brands despite positive sales results in the third quarter, according to Newell's quarterly report released in October.

To read more, click here.

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