On Wednesday, SunPower announced that it will be reducing its workforce and shutting down certain business segments as part of a restructuring plan aimed at lowering costs. This news caused the solar company’s shares to drop by 16% in premarket trading.
In an effort to simplify its business structure and move away from unsustainable areas, SunPower plans to cut its workforce by around 1,000 employees in the coming days and weeks. Additionally, the company will wind down its SunPower Residential Installation locations and close SunPower Direct sales as part of the restructuring efforts.
SunPower anticipates incurring charges of approximately $28 million related to severance benefits, early contract terminations, and certain write-offs as a result of these changes. The company’s Principal Executive Officer, Tom Werner, stated in a letter to employees that these steps are being taken to improve financial controls and create a more efficient and sustainable business model.
Overall, SunPower is working towards a more streamlined and profitable future through these restructuring initiatives.
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