Stumbles for embattled Bay Are solar company SunPower end in bankruptcy

  • 📰 mercnews
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 68%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

After a drawn-out saga involving a restructuring and a management shakeup, one of the most-prominent names in US solar, SunPower Corp., has now filed for bankruptcy.

Over the course of less than two years, the once-darling of the industry was forced to fire workers to cut costs, restate earnings and it defaulted on a credit agreement. In 2024, the firm replaced its chief executive officer, restructured its operations and lost its accountant.

The rooftop solar company agreed to sell assets including its Blue Raven Solar installation unit and new homes businesses to Complete Solaria Inc. as a stalking horse buyer for $45 million, according to a statement late Monday. It asked the court to approve the deal by the end of September. SunPower, founded in 1985, long had a reputation for producing some of the best solar panels in the industry, but it spun off its manufacturing operations in 2020 to focus on then-surging demand for rooftop installations. That bet soon unraveled as inflation and high interest rates boosted costs for consumers. Meanwhile, the firm’s own corporate struggles stymied its operations.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 88. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SunPower solar business meltdown triggers hundreds of Bay Area layoffsSunPower, a once high-flying pioneer of the solar energy industry, plans to slash hundreds of Bay Area jobs.
Source: mercnews - 🏆 88. / 68 Read more »