Wyndham will cut 4000 jobs
Wyndham Worldwide Corp will cut about 4,000 jobs as it shrinks its timeshare business
Wyndham Worldwide to cut about 4,000 jobs-CEO
NEW YORK, Dec 8 (Reuters) -
Wyndham Worldwide Corp (WYN.N: Quote, Profile, Research, Stock Buzz) will cut
about 4,000 jobs as it shrinks its timeshare business to help eliminate its
reliance on the asset-backed securities market, the company's chief executive
told Reuters on Monday.
The hotel and timeshare company said it expects
to reduce gross vacation ownership interest sales in 2009 to $1.2 billion from
expected gross sales of $2 billion in 2008 by eliminating sales offices and
marketing programs.
"With the credit markets showing no signs of
improvement, we are effectively eliminating our need to access the
securitization markets," said Wyndham Worldwide's CEO Stephen Holmes. (Reporting
by Mark McSherry)
