SunPower Restructures Operations to Cut Costs During Slower Sales
- Firm to take $12.8 million charge, with most due to severances
- SunPower’s shares plunged 8% in regular Tuesday trading
Workers install solar panels during a SunPower installation on a home in Napa, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
SunPower Corp. is restructuring its rooftop solar operations to reduce costs due to a sales slump driven by higher borrowing rates.
The plan is expected to result in a $12.8 million charge that includes $8.2 million in severance benefits, the Richmond, California-based company said in a Tuesday filing with the U.S. Securities and Exchange Commission. SunPower expects a substantial portion of the restructuring charge to be booked in the first quarter of this year.