SunPower Laying Off 85 Workers

NEW YORK (TheStreet) -- U.S solar company SunPower is laying off 85 employees, or 2% of its workforce, as it restructures during a difficult period for solar companies. The U.S. solar company -- 60% of which was acquired by French energy giant Total earlier this year -- announced last week concurrent to its quarterly earnings that it would be restructuring, though it provided no details on job losses. In its quarterly report filed on Thursday after the market close, SunPower said that in "response to reductions in European government incentives, primarily in Italy, which have had a significant impact on the global solar market, on June 13, 2011 , the Company's Board of Directors approved a restructuring plan to realign the Company's resources." ... Click to view a price quote on FSLR. Click to research the Electronics industry.

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