Corel drops 80 workers

OTTAWA – Corel Corp. is shedding 80 employees (8% of its worldwide staff), a quarter of whom work at headquarters in the capital. The software company, which has roughly 500 Ottawa employees, says it is taking the Corel-logo-125X22.JPGcost-cutting step in light of an anticipated drop in revenue. “It is never an easy decision to let employees go. However, given the persistent effects of the economic downturn, Corel must be proactive in adapting our expense structure to reflect the new market reality that we – and the PC software industry as a whole – are facing,” says Corel’s interim CEO Kris Hagerman. Corel recently announced it was trimming all senior executives’ salaries by 10% and requiring employees to take five unpaid days off in Q2 in order to save the company $2 million.

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