SF learns: Solyndra files for bankruptcy, lays off 1,100 (photos)
FREMONT, Calif.— San Francisco residents who follow top news, are learning that Solyndra, a manufacturer who produces solar technology in Fremont, will be filing for Chapter 11 bankruptcy. As a result, Solydra will be laying off 1,100 employees.
Those employees will be both full-time and temporary, says San Francisco news source, ABC 7 Local
San Francisco resident, Donal Witham, says “This is terrible news. The San Francisco Bay Area has already been hard hit by this kind of news. I hope something can be done to help them.”
Fremont lies in the San Francisco Bay Area.
ABC 7 reports that: “Regulatory and policy uncertainties in recent months created significant near-term excess supply and price erosion. Raising incremental capital in this environment was not possible.”
“This was an unexpected outcome and is most unfortunate,” stated Solyndra’s president and CEO, Brian Harrison to the press.
Solyndra said in a press release that it simply “could not compete with larger foreign manufacturers.”
In May 2010, President Barack Obama had visited the facility and heralded Solyndra as a great example of American ingenuity and dynamism, says ABC 7 Local.
This is a breaking news story. More news as it appears.
See photos and video on the left-hand side. The video is of how Solyndra works.
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Source: ABC 7 News and Solyndra