Corvus Systems Inc, San Jose has fired 46 employees, 21% as part of a consolidation of US marketing. The move was required to bring costs in line with current revenues but Corvus is forecasting a loss for its fourth quarter to May 31, which will mean a loss for the year since at the nine-month mark it was down $9.2m on sales of $29.4m. In the final quarter a year ago, it lost $3m on sales of $11.4m. In an unrelated matter, Union Bank has a court decision that allows it to attach unsecured Corvus assets in an attempt to recover $5m from KSI Disk Products, in which Corvus has a 50% stake. Corvus is seeking an amicable settlement with the bank.
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