Corel chops 100

Ottawa’s Corel Corp. reduces its workforce by 8%, axing some 90 positions worldwide including about 20 locally. The measure, which the software company says it took to streamline operations and focus on investment, will cost Corel a one-time restructuring charge of US$2.8 million in Q4. “Corel, like any company, must make periodic Corel.bmpadjustments to ensure we are running as efficiently as possible and that we are focusing our teams and resources on the areas we believe offer the best opportunities for growth,” says interim CEO Kris Hagerman. “The actions we are taking today will enable us to expand our sales and marketing activity in emerging markets and enhance our E-commerce offerings – just two of the areas where we believe incremental investment will improve both our financial performance and our long-term competitive position in the market.” Corel says it will provide outplacement support for the severed workers, as well as financial compensation. Managment is currently seeking a buyer for the company through a hired agent.

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