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.
Karen
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Strike action set to cause travel chaos at Brussels airports
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent