Compuware to cut 100 jobs by Feb. 29 |
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Fri, 31 Aug 2007 22:38
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NEW YORK (AP) - Software developer Compuware Corp. expects to complete its plan to eliminate about 100 jobs by Feb. 29, 2008, the company said Friday.In a filing with the Securities and Exchange Commission, Compuware said it expects the job cuts will cost about $4 million, with $2 million going toward severance costs. The company said about $3.5 million of the costs will result in future cash expenditures.On Wednesday, Compuware said it would consolidate some of its product development work at the company's Detroit headquarters, which would lead to the job cuts. The company anticipates the move will decrease its operating costs by about $13 million each year.The company also said in the filing that at its shareholders approved its 2007 long-term incentive plan at Compuware's annual shareholders meeting on Aug. 28. The plan lets Compuware grant restricted stocks or various other awards instead of stock options.Compuware shares added 7 cents to $8.11.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Compuware to move operations to HQ 