SunPower To Reduce Workforce By About 1,000 People

(RTTNews) - SunPower plans to reduce its workforce by about 1,000 people as well as move away from most of its direct sales channel as part of a restructuring plan to lower costs.

"I'm writing to share difficult news with you as we implement changes across our organization in the days and weeks to come. To position SunPower for the future, we need to achieve financial viability, which includes simplifying our business structure, transitioning away from areas where we have been unable to sustain profitable operations, and improving financial controls," SunPower's Principal Executive Officer Tom Werner said in a letter to employees.

The development comes a day after the company disclosed it identified misstatements in its results for fiscal 2022.

SunPower said it will wind down its SunPower Residential Installation locations and close SunPower Direct sales, adding that installations would be handled by its Blue Raven (RAVN) Solar and independent dealers.

"Some of our impacted team members will depart today, and others will remain on with us for a period of time to help facilitate the transition for our customers. For those talented and devoted colleagues who are departing, we are deeply grateful for your lasting contributions. We are offering a competitive separation package to assist our former colleagues in their transition," Werner added.