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eWeek: Ax finally falls -- hard -- on Corel

Jun 09, 2000, 19:49 (0 Talkback[s])
(Other stories by Larry Barrett)

"The ax finally fell at Corel Corp. Thursday when the Canadian software developer announced it will lay off 320 employees, or roughly 21 percent of its workforce, as part of its cost-cutting plan to chop $40 million from its annual expenses."

"Corel shares closed off 7/32 to 5 1/32 ahead of the announcement."

"Investors probably saw this coming in late May, however, when Corel officials said they were looking for investors after the company's proposed merger with Inprise/Borland Corp. unraveled."

"At the time, Corel said it would need to reduce about $40 million in annual expenses."

"I wouldn't say this is bad news because the bad news was already out," said Jean Orr, an analyst at BlueStone Capital Partners. "They're a software company. Where else are they going to cut costs other than through layoffs?"

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