Solar power company SunPower Corp. will cut about 125 jobs, or 2 percent of its workforce, as the company faces a global solar power market where prices and demand are stagnating.
SunPower filed a disclosure with federal regulators Tuesday that said the job cuts were part of a companywide restructuring plan its management approved on Nov. 30.
SunPower said about 75 of the lost jobs will be in the United States.
The San Jose, Calif.-based company said severance contracts and other restructuring costs will total between $9 million and $17 million. It will book the majority of the charges in the fourth quarter of its fiscal 2011 year. More than 80 percent of the charges will be cash, the company said.
Shares of SunPower fell 25 cents, or 3 percent, to close at $7.02.