Hotel and timeshare company Wyndham Worldwide Corp said it will cut about 4,000 jobs as it shrinks its timeshare business to help eliminate its reliance on the asset-backed securities market. Wyndham 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. "Unfortunately, it has a relatively large impact on individuals, which is the terrible thing - I would say it's around 4,000 people," Stephen Holmes, Wyndham Worldwide chief executive, said in an interview. The job cuts will affect roughly 12.5 percent of Parsippany, New Jersey-based Wyndham's 32,000 employees around the world. Wyndham now expects 2009 revenue of between $3.7 billion and $4.1 billion, down from a previous forecast of $4.1 billion to $4.5 billion.
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