Layoffs at SunEdison as Investors Question the Renewable Energy Developer’s Strategy
Update: In an 8-K filed Monday, SunEdison said it will cut 15 percent of its workforce — 5 percent higher than what was mentioned in the memo. SunEdison will hold an investor call on Wednesday at 8 am to detail the company’s new strategy.
In mid-September, SunEdison rented out the House of Blues in Disneyland and held a private party for hundreds of solar professionals at the industry’s biggest U.S. conference, Solar Power International.
It started off as a normal gathering. People mingled at multiple bars. A house band played on a small stage upstairs. Waiters handed out meat on sticks.
Suddenly, all the televisions throughout the bar displayed a mysterious countdown clock. When it hit zero, the party transformed. In a blur of multi-colored lights and electronic music, go-go dancers, and men in yellow body suits carrying giant glow sticks filled a multi-level stage in the back of the building. Balloons rained down on the dancing crowd. People sported body paint, fake mustaches and oversized sunglasses.
It was a celebration that a company at the top of its game would throw. Except SunEdison was not at the top of its game.