Corel Cuts 220 Jobs to Save $12M

Cecil writes "Just saw this story on the City of Ottawa's website: 'The Software maker Corel Corp. is cutting 220 jobs - more than a fifth of its workforce - in a bid to reduce costs and return to profitability amid weak technology spending.'" Of course, this stinks for those who are laid off, but hopefully Corel can turn things around.

Comments

Shame..

[Walterk]

It was a nice company, well, it tried to be, and now it's going down the drain..

Brain Drain

[Mark4ST]

Canada in having a problem with brain drain, and this situation is only going to contribute to it. The only people who benefit from the drain are the actual (Canadian) employees who do it. The Canadian workforce suffers because the overall skill levels drop. The middlingly-abled American has to compete for jobs with Uber-Canadian expatriots.

It's seems like a loose-loose situation to me.

From what I gather

[BluedemonX]

this is really going to start putting Ottawa in the shit.

First off, houses in places like Beacon Hill, even, are going for at least a quarter mil, thanks to a massive influx of greed and dot com wannabes.

Now, Nortel is tanking, Entrust doesn't seem to be doing so well, and Corel? Well, apart from giving Ottawans yet another interestingly white trash tacky overpriced outfit to look at at every new gallery opening or whatever, it isn't doing much apart from being a big copper eyesore next to the Queensway.

Man, I feel for those employees - but it looks like Ottawa's basket is rapidly emptying of eggs.