SunPower (SPWR) Enters Restructuring Plan

On April 21, 2024, SunPower (NASDAQ: SPWR), 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 $28 million, consisting of approximately $14 million in severance benefits, and approximately $14 million 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 the Company’s second fiscal quarter. The actual timing and costs of the plan, however, may differ from the Company’s current expectations and estimates.

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