Spar Van Denver, Colorado, a residential solar subscription service, fires 40 people as an apparent cost -saving measure. The listed company has announced in A press release Published on Wednesday that it closes its office in Denver, consolidates functions and makes “personnel adjustments”.
According to an application In the US Securities and Exchange Commission, the Spruce Board of Directors voted to approve the dismissal, closure and consolidation to streamline activities “, which claim that these actions will save the company $ 20 million annually.
Affected employees were informed on Wednesday that their roles would be terminated. Spruce pays $ 1 million in costs with regard to the personnel reduction, which states that the majority of it will go to the severance payment of employees.
“Our board and senior leadership team take proactive steps to maintain our strong cash position of more than $ 90 million, and to lay a slimmer, more efficient basis for long -term growth … these actions strengthen the dedication of Spruce to deliver sustainable value to shareholders,” said Chris Hayes, CEO of a press release.
Spruce currently maintains distributed generation of solar contracts and projects with 85,000 customers in the United States. Solar Power World has contacted the company for extra comments.
