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Wyndham Worldwide Will Cut 4,000 Jobs

The "I has a sad" kitty is now the unofficial image of the recession.

We knew the hospitality business would suffer greatly in this economy but news like this is always a bit shocking. Wyndham Hotels has announced that it will be undergoing a major restructuring in its timeshare division at the expense of 4,000 jobs. BusinessWeek reports:

Wyndham said in a statement that it is scaling back the scope of its timeshare business as a way to cut its reliance on asset-backed securities. The company did not return a phone call seeking comment. The job cuts represent about 12 percent of the company's overall work force. The pullback will result in charges of up to $75 million to be taken mainly in the fourth quarter.

Wyndham has about 32,000 employees globally. The layoffs will happen in the first quarter of 2009. This cannot be fun for the folks at Wyndham, just sitting and waiting.

Do you work at Wyndham? Let us know what the mood is like.

[Photo: icanhascheezburger]