Timeshare Companies Selling Themselves Out of Business?

While this isn't good news for those that own these timeshares, having the entire timeshare industry disappear would be a positive development in my book. The poor economy seems to be hurting timeshare resorts full force although (surprise, surprise) they don't want you to think they are.

Timeshare companies, Westgate Resorts and Wyndham Vacation Ownership, are sending out mixed messages. They claim that sales are still going strong and growing but say they are selling themselves out of business because they can’t trade customer financing for funding.

Wyndham Vacation Ownership is cutting its workforce by one-fourth in an all out effort to restructure. The company relies on asset-backed securities to fund the building of new timeshares.

Westgate Resorts is also laying off more employees. Dave Siegel is working hard to quell the rumors that the company is on the verge of bankruptcy. -- M. Beddingfield

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