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SunPower Announces Major Job Cuts and Restructuring Efforts

The solar company plans to lay off 1,000 employees and close most of its direct sales operations to reduce costs and focus on dealer networks.

Overview

  • SunPower to lay off about 1,000 employees as part of a broader restructuring plan aimed at cost reduction.
  • The company will cease most of its residential direct sales and shift focus to third-party sales through partners like Blue Raven Solar.
  • Restructuring includes closing SunPower Residential Installation locations and ending SunPower Direct sales.
  • The changes follow financial difficulties, including misstatements in fiscal 2022 results and a default on a credit agreement.
  • SunPower expects to complete its restructuring by the second quarter, amid ongoing challenges in the solar market.