BAAN TO CUT JOBS, TAKE CHARGE AFTER Q3 LOSS.
Dutch business software company Baan reported a USD31.7 million third quarter net loss on October 29 and announced a major restructuring, including cutting 20% of jobs and appointing a new president. Baan painted a gloomy forecast for 1999 and said it planned to take a one-off charge of USD110 million before taxes in the fourth quarter as part of a wide-ranging reorganisation to cut costs. The firm posted a loss per share of USD0.16, having warned on October 12 it was on course for a USD0.13-0.16 per share loss. In the same period of 1997 the...
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