nandus opened this issue on Nov 08, 2002 ยท 42 posts
DigitalSteve posted Sat, 09 November 2002 at 11:56 AM
Seems Corel have bigger problems than bryce to worry about at the moment. This is from Digit-Mag. ( http://www.digitmag.co.uk/ ) " Corel cuts 22 percent of workforce | November 07, 2002 By Todd R Weiss Corel is laying off 22 per cent of its workers to try to shore up the companys weak financial picture. The graphics-software maker said it is cutting about 220 employees to save some $12 million (around 8 million) annually in expenses. The company will retain about 769 employees worldwide. Corel said it will take a one-time charge of up to $6.3 million this quarter to pay for costs related to the layoffs. The move comes 14 months after the company spun off its Linux operating system business to start-up Xandros, so Corel could focus on its desktop productivity and graphics applications. The layoffs and related cost-cutting moves are being undertaken to help get the company positioned for profitability, according to Corel. Like many other companies, Corel has been hit by the slow economy and cutbacks in IT spending during the past two years. The staff reductions will come from all departments within the company. Corel has made a commitment to run the business profitably, regardless of the prevailing economic conditions, and the measures we have implemented today position us to achieve that goal, Derek Burney, president and CEO of Corel. He said that while the company expects revenue growth in fiscal 2003, it is adopting a conservative approach in aligning our cost structure to reflect the companys current revenue patterns. "