Commerce One cuts deep
To reduce costs, the ailing e-business software maker says it will shear 400 jobs by the end of the year.
The ailing firm, once a star of the business software industry, has over the past year cut nearly 70 percent of its staff in several rounds of layoffs. The Pleasanton, Calif.-based company issued profit warnings earlier this year. It completed a 1-for-10 reverse stock split in September after its shares slipped below $1 for several months.
Commerce One fell on hard times after pinning its business on so-called e-marketplaces, which are virtual trading posts where companies were supposed to buy and sell all kinds of business supplies. E-marketplaces never materialized the way companies like Commerce One, Ariba and VerticalNet had predicted.
PurchasePro, another e-marketplace evangelist, filed for bankruptcy protection last month and agreed to sell its assets to privately held software maker Perfect Commerce.
Commerce One, which ended its third quarter last week, plans to report financial results on Oct. 23.