Corel slashes 22 per cent of workforce

Corel slashes 22 per cent of workforce


Canadian software maker Corel has cut 22 per cent of its workforce, or 220 jobs, in an effort to reduce costs and return to profitability.

The layoffs affect all departments within the organisation and are aimed at producing a payroll cost reduction of around $US12 million a year on an ongoing basis, Corel said.

"While we anticipate revenue growth for fiscal 2003, we are adopting a conservative approach in aligning our cost structure to reflect the company's current revenue patterns," Corel president and chief operating officer Derek Burney said in a statement.

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