Sunpower layoffs, on the record
Every job cut, severance charge and restructuring Sunpower reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from about 2,200 to about 4,710.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | about 2,200 | January 3, 2021 |
| 10-K for 2022 | about 3,660 | January 2, 2022 |
| 10-K for 2023 | about 4,710 | January 1, 2023 |
Job cuts, severance and restructuring
Our summaryThe company describes restructuring plans announced in February 2018 and December 2019 to realign and optimize workforce requirements and reduce operating expenses; the February 2018 plan is substantially complete and the December 2019 plan is expected to be substantially completed by end of 2022.
Word for word“We announced restructuring plans in February 2018 and December 2019 to realign and optimize workforce requirements in light of recent changes to our business, to reduce operating expenses and cost of revenue overhead in light of the known shorter-term impact of U.S. tariffs imposed on PV solar cells and modules pursuant to Section 201 of the Trade Act of 1974, and to broaden our initiatives to control costs and improve cash flow.” 10-K for 2021
Our summaryThe filing notes that the company has conducted several restructurings in recent years, which may affect retention of key talent.
Word for word“In recent years, we have conducted several restructurings, which may negatively affect our ability to execute our strategy and business model, and may impair our ability to retain key talent required to provide transition services during such restructurings.” 10-K for 2021
Our summaryAdopted a restructuring plan to realign workforce and close the Hillsboro, Oregon manufacturing facility, with a majority of about 170 primarily manufacturing employees exiting the business.
Word for word“During the first quarter of fiscal 2021, we adopted a restructuring plan to realign and optimize workforce requirements concurrent with the planned closure of our manufacturing facility in Hillsboro, Oregon.” 10-K for 2022
Our summaryReported cumulative restructuring charges for the Oregon facility closure, mainly severance payments.
Word for word“As of January 2, 2022, we had incurred cumulative costs of approximately $3.6 million in restructuring charges, primarily relating to the payment of severance benefits.” 10-K for 2022
Our summaryAnnounced restructuring plans to realign and optimize workforce requirements, noting the February 2018, December 2019 and January 2021 plans.
Word for word“We announced restructuring plans in February 2018, December 2019, and January 2021 to realign and optimize workforce requirements in light of changes to our business and to broaden our initiatives to control costs and improve cash flow.” 10-K for 2022
Our summaryAdopted a restructuring plan to realign workforce needs as it closed its Hillsboro, Oregon manufacturing facility, and most of about 170 mostly manufacturing employees left the business.
Word for word“In connection with the restructuring plan, which included actions implemented in the first quarter of fiscal 2021, a majority of our approximately 170 primarily manufacturing employees exited the business.” 10-K for 2023
Our summaryExpected total restructuring charges for the January 2021 plan, mainly severance and lease termination costs.
Word for word“We expected to incur restructuring charges totaling approximately $ 7.0 million to $ 9.0 million, consisting primarily of severance benefits (between $ 4.0 million and $ 5.0 million) and real estate lease termination costs (between $ 3.0 million and $ 4.0 million).” 10-K for 2023
Our summaryReported cumulative restructuring costs incurred to date on the January 2021 plan, mostly severance.
Word for word“As of January 1, 2023, we had incurred cumulative costs of approximately $ 3.4 million in restructuring charges, primarily relating to the payment of severance benefits.” 10-K for 2023
Our summaryAdopted the December 2019 restructuring plan, under which non-manufacturing employees were expected to leave over 12 to 18 months after the Spin-Off.
Word for word“In connection with the restructuring plan, which included actions implemented in the fourth quarter of fiscal 2019, we expected between 145 and 160 non-manufacturing employees, representing approximately 3 % of our global workforce, to exit over a period of approximately 12 to 18 months.” 10-K for 2023
Our summaryReported cumulative charges under the December 2019 plan, mainly severance and retention benefits.
Word for word“As of January 1, 2023, we had incurred approximately $ 6.1 million in restructuring charges consisting primarily of severance and retention benefits.” 10-K for 2023
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2017-01-01 | $207.2 million | — | $24.3 million |
| 2017-12-31 | $21 million | — | $35 million |
| 2018-12-30 | $9.7 million | — | $15.1 million |
| 2019-12-29 | $14.6 million | — | — |
| 2021-01-03 | $2.6 million | $10.1 million | — |
| 2022-01-02 | $4.5 million | — | — |
| 2023-01-01 | $244,000 | — | — |
Sunpower filed 9 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Sunpower’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2023-03-10. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.