Ottawa-based software firm Corel Corp. on Wednesday announced it is reducing its global workforce by 220 employees – approximately 22 per cent of its workforce – in order to “streamline operations and increase efficiencies.”
The company said in a statement that these reductions will affect all departments within the organization, and will enable a payroll cost reduction of approximately US$12 million per year. The company will also be incurring a one-time charge of between US$5.8 and US$6.3 million because of the layoffs
“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,” said Derek Burney, president and CEO of Corel, in a statement. “A decision of this kind is never easy. We value all of our employees and their contributions to Corel’s success.”
With offices in France, Germany and the U.K., Corel’s workforce now stands at 769 employees worldwide.
The company is on the Web at www.corel.com.
