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Inter@ctive Investor: Corel to slash 320 jobs

Jun 08, 2000, 22:08 (0 Talkback[s])
(Other stories by Larry Barrett)

[ Thanks to Jason Perlow for this link. ]

"The ax finally fell at Corel 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."

"Investors probably saw this coming in late May, however, when Corel officials said it was looking for investors after its proposed merger with Inprise/Borland Corp. (Nasdaq: INPR) 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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