[ 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?”