Sungevity Cuts Staff by Two-Thirds as Downward Spiral Continues

By [email protected] Sungevity’s shine has dimmed.

The residential solar company, ranked fifth for market share on GTM Research’s PV Leaderboard, laid off 66 percent of its remaining workforce Thursday morning. The company had already cut dozens of workers in January after an expected merger fell through at the close of 2016, taking with it the promise of a $200 million cash infusion.

Bankruptcy could be coming very soon, multiple sources at the company reported.

The January layoffs targeted senior and mid-level managers, hinting at financial desperation: These were roles that would be useful in the long term, but weren’t driving immediate revenue. The latest round

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