On Wednesday, SunPower announced that it will be shutting down certain business segments and reducing its workforce 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.
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.
The company anticipates incurring charges of approximately $28 million related to severance benefits, early contract terminations, and certain write-offs as a result of these changes. In a letter to employees, SunPower’s Principal Executive Officer, Tom Werner, stated that these steps are being taken to simplify the business structure, move away from areas where profitability has been unsustainable, and improve financial controls.
Overall, SunPower is working towards a more efficient and sustainable business model through these restructuring initiatives.
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