SunPower adopts restructuring plan to reflect slower sales

In a regulatory filing, the company stated: “On January 12, 2024, SunPower adopted a restructuring plan to further advance efforts reducing operating costs due to slower sales driven, in part, by higher interest rates. The plan is intended to improve the economics of the business. The Company expects to incur restructuring charges totaling approximately $12.8 million, consisting of approximately $8.2 million in severance benefits, and expects to write down approximately $4.7 million in right of use assets. The Company plans to execute the restructuring plan by the end of the third quarter of fiscal 2024, with a substantial portion of the restructuring charges expected to be incurred in the first quarter of fiscal 2024. The actual timing and costs of the plan may differ from the Company’s current expectations and estimates.”