“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.”