SunPower expects $28M of restructuring charges

SunPower disclosed earlier that it adopted a restructuring plan intended to further advance efforts to reduce operating costs and improve the economics of the business. The company expects to incur restructuring charges totaling approximately $28M, consisting of approximately $14M in severance benefits, and approximately $14M related to early contract termination and certain right-of-use and leasehold improvement assets write-offs. The company expects the restructuring plan to be substantially completed by the end of Q2.