11:09 AM EDT, 04/24/2024 (MT Newswires) -- (Updates with details starting in second paragraph.)

SunPower (SPWR) will cut its workforce by about 1,000 people in the coming days and weeks, Principle Executive Officer Tom Werner said Wednesday in a note to employees.

The company has also decided to wind down its SunPower Residential Installation locations and shut SunPower Direct sales, he said.

"To position SunPower for the future, we need to achieve financial viability, which includes simplifying our business structure, transitioning away from areas where we have been unable to sustain profitable operations, and improving financial controls," Werner said.

Some of the job cuts take effect as soon as Wednesday, and a competitive separation package is being offered, he said.

SunPower shares rose 1.3% in recent trading Wednesday.

Price: 1.99, Change: +0.03, Percent Change: +1.28