Yahoo! Finance/Reuters: Corel cuts 320 jobs, CEO forgoes salary to cut costs

"Money-losing Corel Corp. said on Thursday it will lay off 320 staff, or 21 percent of its workforce, and its chief executive will forgo his salary as part of a cost-cutting plan to trim $40 million from its annual expenses."

"Ottawa-based Corel, which recently announced a much-needed financing deal worth C$30 million, said the job cuts included terminations, attrition, and contract cancellations. Staff in all departments were affected, the company said in a statement."

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