SunPower To Cut Jobs After its Stock Gets Hammered

Just a day after announcing it would restate the past two years of financial results, beleaguered SunPower Corp.

on Wednesday said it would reduce its workforce, cut a selection of residential installation locations, and halt direct sales, Reuters reports. With shares down nearly 60% year-to-date, SunPower says it is seeking to simplify its business structure and move away from areas that are not sustainability profitable.

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