Troubled office software maker Corel said last week it would slash 21 per cent of its workforce following last month's termination of its planned merger with Inprise/Borland.
Some 320 jobs across the board will go, mostly from Corel's Ottawa headquarters. The redundancies are part of the company's goal to reduce costs by $40m on an annualised basis.
Michael Cowpland, Corel's president and chief executive, said in a statement: "After much careful deliberation, the company concluded that these steps were necessary."
In an April filing with the US Securities and Exchange Commission, Corel had warned that it could run out of cash within 90 days if the merger did not go ahead. The merger would have given Corel a $240m cash injection.
Cowpland also plans to forgo his salary, which last year amounted to $199,000, for the year.
The layoffs will reduce Corel's headcount to around 1200, but analysts said further cost cutting measures would be needed to ensure the company meets its $40m target.
The cuts come in spite of a much needed $9.98m cash injection from Canaccord Capital last month.
Dr Kuan Hon criticises GDPR consent emails that will only eviscerate marketing databases and 'media misinformation'
Apple squashes Steam Link app on 'business conflicts' grounds
Philip Hammond wants to forget rules that the UK agreed with the EU to ban non-European companies from the satellites
Instapaper to 'go dark' in Europe until it can work out GDPR compliance