PHOENIX — A Phoenix-based solar panel installation firm once hailed as one of the fastest-growing companies in the nation has ceased operations, laid off dozens of employees and filed for bankruptcy protection.
Erus Energy submitted a Worker Adjustment and Retraining Notification, or WARN filing, with the state of Arizona on Nov. 9 indicating plans to lay off 56 employees at 21402 N. 7th Ave.
Founded in 2004, Erus had operations in Arizona, New Mexico and Texas, serving more than 17,000 customers. Erus ranked No. 2,394 on the Inc. 5000 list of the fastest-growing companies in the nation in 2020, the Business Journal previously reported.
The Nov. 9 WARN filing contained a letter from Erus CEO Abraham Sabbagh to Erus Energy employees, which was obtained by Phoenix Business Journal on Dec. 8. The letter stated that the company was ceasing operations and laying off workers on Nov. 3, citing challenging conditions in the residential solar industry including elevated interest rates, utility permitting delays and lower installation rates.
“Over the past six months, the company has pursued a number of restructuring initiatives while also actively pursuing a sale, but those efforts have not been successful despite best efforts,” Sabbagh wrote. “It has become clear after discussions with the company’s secured lender and a prospective purchaser that a sale as a going concern is impossible.”
