Item 2.05. Costs Associated with Exit or Disposal Activities.
On December 8, 2008, Wyndham Worldwide Corporation (the "Company") announced an acceleration of its initiative to increase cash flow and eliminate reliance on the asset backed securities market by reducing the sales pace and cost structure of Wyndham Vacation Ownership. The Company estimates that it expects to incur pretax charges of approximately $60-75 million primarily in the fourth quarter of 2008, comprised of approximately $25-30 million of severance and related benefits costs, approximately $15-20 million of payments related to lease terminations and approximately $20-25 million of impairment charges. Future cash expenditures related to these charges are anticipated to be approximately $25-30 million for the payment of severance and related benefits in the first quarter of 2009 and approximately $10-15 million primarily related to lease terminations over the next nine years. These charges are incremental to previously announced Company-wide restructuring charges.
Under this plan, the Company will eliminate approximately 4,000 positions. The Company expects this initiative to be substantially complete in the first quarter of 2009.
A copy of the Company's press release is furnished as Exhibit 99.1 and is incorporated by reference.
Item 7.01. Regulation FD Disclosure.
On December 8, 2008, the Company announced that it reiterates its fourth quarter 2008 Adjusted EPS guidance and full-year 2008 revenue, Adjusted EBITDA and Adjusted EPS guidance and its expectations for full-year 2009 revenues and Adjusted EBITDA.
A copy of the Company's press release is furnished as Exhibit 99.1 and is incorporated by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is furnished with this report:

Exhibit No. Description Exhibit 99.1 Press Release of Wyndham Worldwide Corporation, dated December 8, 2008.

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