Quanergy Systems Inc. plans to cut 72 jobs in Sunnyvale, Calif., as part of the bankruptcy reorganization it filed for on Tuesday, the Silicon Valley Business Journal reported. The struggling lidar business posted a WARN notice with the state Employment Development Department (EDD) on Monday about the move. The EDD notification was made a day before Quanergy filed for bankruptcy and announced its CEO will step down from his role at the end of the month. The company last month said in a filing with the Securities and Exchange Commission that it planned an 11% reduction in its workforce, cutting 15 workers to get staffing down to 126 employees globally. But in this week's bankruptcy filing, it said it had only 87 employees. In this week's WARN notice, Quanergy said it plans to begin its layoffs in Sunnyvale by Feb. 7 and complete them within 60 days after that date. Among those that are listed to lose their jobs are co-founder and Chief Development Officer Tianyue Yu, Chief Financial Officer Patrick Archambault, Chief Marketing Officer Enzo Signore and Senior Vice President of Operations Kevin Amiri. The Sunnyvale company intends to continue operating while it pursues a sale of its business under chapter 11 protection. The decision to file for bankruptcy comes after it slashed operating costs and settled a patent dispute with rival Velodyne Lidar Inc., Quanergy said in a press release on Tuesday.
