DETROIT (AP) — Software development company Compuware Corp. plans to lay off 160 employees and close or shrink 16 of its offices worldwide.
The Detroit Free Press reports (http://on.freep.com/XHCJ5t ) the first round of Compuware’s previously announced three-year, $60 million cost-cutting plan was included Friday in corporate filings.
The closures and layoffs are estimated to save $23 million over 12 to 18 months. However, the company’s Securities and Exchange Commission filings say employee severance packages and termination charges for breaking leases could cost about $25 million.
Compuware in January rejected a $2.35 billion takeover bid by one of its largest shareholders.
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Information from: Detroit Free Press, http://www.freep.com
