This excerpt taken from the WYN 10-Q filed Nov 10, 2008.
In addition to the restructuring plan discussed in Note 14Restructuring Costs, the Companys vacation ownership business is refocusing its sales and marketing efforts on consumers with higher credit quality and, consequently, will decrease the level of timeshare development and enhance the cash flow from the business unit. Such realignment will include the elimination of certain positions, the termination of leases of certain sales offices and the write-off of related assets from such offices. The Companys strategic realignment of its vacation exchange and rentals business streamlines exchange operations primarily across its international businesses by reducing management layers to improve regional accountability. The Company estimates restructuring costs, including the termination of approximately 1,000 employees, of approximately $25 to $30 million during the fourth quarter of 2008 and approximately $5 to $10 million during the first quarter of 2009. These amounts are preliminary estimates and subject to change.