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SunPower Corp to lay off 1,000 employees, close sales divisions in cost-cutting restructuring effort.

US solar company SunPower Corp (NASDAQ:SPWR) plans to reduce its workforce and shut down direct sales divisions in a restructuring move aimed at reducing costs and simplifying the business model. The move involves the lay-off of about 1,000 employees over the coming days and weeks. SunPower Residential Installation (SPRI) locations and SunPower Direct sales will be closed as the company transitions to a low fixed-cost model. Following a transition period, all project pipeline operations will be performed by subsidiary Blue Raven Solar, installation partners and certified dealers. The company booked a $247.1-million ($230.4m) net loss in the past year, compared to a profit of $42.8m in 2022 due to revenue contract and increased operating costs.

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