SunPower Corp. (NASDAQ:SPWR) is set to reduce its workforce by more than 25% amid ongoing challenges in the rooftop solar industry, the company announced.
This decision will result in the loss of approximately 1,000 jobs from its current staff of about 3,800.
As part of a strategic shift to a "low-fixed-cost model," SunPower will close its residential installation locations and discontinue its direct sales unit, according to Principle Executive Officer Tom Werner's communication to employees, which was published on the company's website on Wednesday.
SunPower anticipates incurring approximately $28 million in restructuring charges, as noted in a recent filing.
This announcement follows closely on the heels of SunPower's recent admission that it needs to restate almost two years of financial results.