Borland to cut 300 jobs
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February 20, 1997: 3:18 p.m. ET
Software firm announces overhaul; expects to make a profit in 1998
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NEW YORK (CNNfn) - Computer software firm Borland International Inc. announced plans Thursday to cut its work force by 30 percent and reduce annual expenses by $60 million as part of a comprehensive restructuring plan.
Borland Chief Executive Officer Delbert Yocam said in a statement that by cutting 300 jobs and reducing costs from marketing and support services, the company aims to return to profitability in the company's fiscal year 1998, which begins April 1.
"We plan to leverage Borland's rich heritage of high-quality and high-performance software development tools to expand our business into new markets," Yocam said.
The company, which creates databases and high-end tools for software developers, has struggled for several years.
To reverse that trend, Borland said it will initiate new marketing and support programs and eliminate old strategies that no longer fit with the company's focus.
Borland posted a $65.5 million loss of the nine months ended Dec. 31, compared with a $7.8 million profit a year ago.
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Borland
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