Wyndham to cut 4,000 jobs as it shrinks timeshare

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.