SunPower announced it will phase out its resi installation locations and close its direct sales unit. It also plans to cut about 26% of its workforce. The move is made to lower costs – their stock is trading 96% lower than all-time highs and is down 86% over the past year. Revenues last December reflected a 28% year-over-year decline, with increased operating expenses. Net income resulted in a loss of $123.9 million.