Orlando-based Westgate Resorts once employed about 11,000 people.
President David Siegel says it's down to about 7,000. The cuts were nationwide and some jobs were eliminated through attrition.
The company was facing a financing squeeze because of the nation's severe economic downturn. Siegel said the cuts would affect all areas of business, from administration to marketing, sales and construction.
He said Westgate will be able to do business without access to the still-frozen credit markets by funding the operation with their own money.
Source : MyFoxOrlando
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]
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