CNET News.com: Corel lays off 320 employees amid financial woes

"Struggling Canadian software maker Corel today cut 320 jobs, or 21 percent of its workforce, as part of a $40 million cost-cutting measure."

"Corel, best known for its WordPerfect word processing software and its recent foray into software based on the Linux operating system, has fallen on hard times recently."

"The company has suffered from two straight quarterly losses, its cash reserves have dwindled, and its stock price has plummeted."

"The cutbacks have been expected for several weeks, following a failed merger with software development toolmaker Inprise, which would have given Corel a $240 million cash infusion. Corel had warned the company could run out of money in July if the merger failed or the company didn't secure more financing."

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