Wyndham Worldwide Loses Over $1 billion
Thursday, March 12th, 2009Wyndham Worldwide loses over $1 billion as a result of the current timeshare market. Wyndham Worldwide, after being forced to write down the value of its Orlando based timeshare division, has reported a loss of over $1.1 billion. The company lost $1.4 billion during the fourth quarter of 2008 from a $104 million profit in the same three months one year earlier.
According to a recent article in the Orlando Sentinel newspaper, the broad losses are attributed to the $1.3 billion non-cash loss Wyndham incurred in the fourth quarter on the value of its Wyndham Vacation Ownership unit. That division has been hit hard by frozen credit markets that have made it difficult for the company to finance purchases for buyers. So far, Wyndham Vacation Ownership has had to lay off 4,000 employees and timeshare sales have been cut by 40%.
