Corel will lay-off up to 139 employees at its engineering operation in Dublin, Ireland, as part of a $40 million cost-saving measure, it said yesterday.
The company has been working to control its costs, and to put them in line with its earnings. Corel said the move "will allow the company to move forward".
Derek Burney, Corel’s interim chief executive officer, said the company promises more announcements at the end of the month about progress made.
Some of the Irish employees will have the opportunity to move to Canada and work at the corporate headquarters in Ottawa, Corel said. A team of professional services, manufacturing and distribution staff will remain in Dublin to support Corel's international customers.
The news comes about three weeks after Michael Cowpland resigned as the company's chief executive officer and chairman of Corel's board. His departure was expected, according to analysts, who have watched Corel battle through rough financial times.