Wyndham Set to Slash 4,000 Jobs

Wyndham Worldwide Corp., a US hotel and resort chain, said late Monday it plans to slash about 4,000 jobs in a restructuring aimed at cutting its dependence on the asset-backed securities market. "With the credit markets showing no signs of improvement, we are effectively eliminating our need to access the securitization markets to support an otherwise well-performing vacation ownership business," Stephen Holmes, Wyndham Worldwide chairman and chief executive, said in a statement. The company said the jobs, representing one-eighth of its workforce, would be eliminated in the first quarter of 2009, according to a filing with the Securities and Exchange Commission. The job eliminations will come as the company shrinks its timeshare vacation business, Wyndham Vacation Ownership, which has a network of some 145 vacation ownership resorts throughout North America, the Caribbean and the South Pacific. "These proactive steps will ensure maximum flexibility across all our businesses irrespective of conditions within the asset-backed securities market," Holmes said. Wyndham Worldwide, based in Parsippany, New Jersey, employs more than 32,000 employees globally.

Source : TravelMole
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]