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May 2, 1988

CULLINET SOFTWARE TO LAYOFF 400 EMPLOYEES

By CBR Staff Writer

Announcement of the upheaval at Cullinet Software Inc, expected to lead to the departure of up to 400 of the 2,400 employees (CI No 919) is thought to be imminent – and may have happened by the time this issue hits subscribers’ desks or screens: also expected in the effort to stem seven straight quarters of losses is the termination of some products or projects, including ones in the white hope DEC VAX arena; the company, whose fiscal year ended on Saturday, is thought to have failed to meet its commitment of a return to profits in the period – it lost $4.1m on $61.1m this time last fiscal, and nine-month losses amount to $26.5m on $152.3m – and so the company may decide to take a bath and load all the costs of the planned restructuring into the year-end figures.

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