Westgate Resorts to lay off hundreds of workers

Caught in the nation's credit crunch, Orlando-based Westgate Resorts, one of the nation's largest time-share companies, is shutting down much of its sales and preparing to lay off hundreds of people. Full Story
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Since: Apr 08

Knoxville, TN

#1 Sep 27, 2008
I wonder if these poor people about to lose there jobs, think that we need four more years, of a republican in charge. God Bless, those that are laid off, and need their jobs in order for their familes to remain in their homes. Keep their cars, pay for their medication. We need to go in a new direction, not the same old policies of the republicans.
MIkey

Clermont, FL

#2 Sep 27, 2008
Just like every other struggling company, the workers are laid off, but Siegel will continue to milk the company for the billions he makes and puts into his Isleworth mansion that is home to Michael Jackson when he comes to town. Hardly ever see the CEO say, cut may salary this year, and keep a hundred workers.
This has nothing to do with the economy, but rather an oversaturation of the time share market here in Central Florida.
Phil

Mulberry, FL

#3 Sep 27, 2008
Elcj wrote:
I wonder if these poor people about to lose there jobs, think that we need four more years, of a republican in charge. God Bless, those that are laid off, and need their jobs in order for their familes to remain in their homes. Keep their cars, pay for their medication. We need to go in a new direction, not the same old policies of the republicans.
Did you happen to forget the Democrat controlled Congress? Is it a mere coincidence that since they took control the economy began to tank?

Timeshare is due for a down period as they have been living too comfortable by preying on impulse buyers for far too long.
mom of two

Cartersville, GA

#4 Sep 27, 2008
We stayed at Westgate Vacation Villas two years ago. It was a nice place and we had a great time. The hot tub in the bathroom is the size of a small swimming pool! I feel really bad for all the employees losing their jobs. I remember how friendly everyone was.

“American Against Fascism”

Since: Apr 08

Central Florida

#5 Sep 27, 2008
If you like it, just keep voting Republican, Central Florida.
JDD

Orlando, FL

#6 Sep 27, 2008
Check your facts. The Republicans had control of Congress from 1995 to 2006 and the Presidence for the past 7 plus years. Don't even go down that road, with your comments.
Phil wrote:
<quoted text>
Did you happen to forget the Democrat controlled Congress? Is it a mere coincidence that since they took control the economy began to tank?
Timeshare is due for a down period as they have been living too comfortable by preying on impulse buyers for far too long.
The Real Truth

Apopka, FL

#7 Sep 27, 2008
Phil wrote:
<quoted text>
Did you happen to forget the Democrat controlled Congress? Is it a mere coincidence that since they took control the economy began to tank?
Timeshare is due for a down period as they have been living too comfortable by preying on impulse buyers for far too long.
Have you been under a cave all these years? We all saw this coming way back. Three years ago I was working for a company where had layouts back then due to the economy and the housing market.
Ignoring the issues will not solve the problem. The hard working people know what's going on.
How can we let someone like McCain take charge when 2 weeks ago he was still saying that the economy was strong. BS!! We all know that's not true. We cannot have a leader ignore what is really happening with your country. We already had this with Bush. All these years he said that the economy was strong, until know...Please!
WTF

Orlando, FL

#8 Sep 27, 2008
Seigel would be a multi-billonaire if he were capable of making even remotely reasonable financial decisions or any decision at all that didn't cost them and their customers millions of dollars. Not surprised by this decision.
HKL

Orlando, FL

#9 Sep 27, 2008
Elcj wrote:
I wonder if these poor people about to lose there jobs, think that we need four more years, of a republican in charge. God Bless, those that are laid off, and need their jobs in order for their familes to remain in their homes. Keep their cars, pay for their medication. We need to go in a new direction, not the same old policies of the republicans.
How the hell do you blame one of the biggest scams out there as being Republican or any party? Timeshares are scams. I'm glad this happening so people will wise up to it.
McSame

Ocala, FL

#10 Sep 27, 2008
I may be wrong, but I remember watching the republican convention and think I saw David Siegal upfront in the audience??? Is he a big republican supporter?
tomb

United States

#11 Sep 27, 2008
Elcj wrote:
I wonder if these poor people about to lose there jobs, think that we need four more years, of a republican in charge. God Bless, those that are laid off, and need their jobs in order for their familes to remain in their homes. Keep their cars, pay for their medication. We need to go in a new direction, not the same old policies of the republicans.
Lets get the record straight here.
http://www.youtube.com/TheMouthPeace
>
Connie

Orlando, FL

#12 Sep 27, 2008
"Westgate Resorts is privately held, with Siegel as principal owner, so its finances are not publicly disclosed. Siegel, a personal billionaire, said this year was shaping up to be record-setting with more than $1 billion in sales."

I'm confused. If it's been a record setting year, why is it necessary to lay off these employees?
KLI

Orlando, FL

#13 Sep 27, 2008
If timeshares are so valuable, why are they sold at 75% discounts. They work for about 10% of the people that buy them. Prepaid vacations? Yeah, that's the way to go. Give somebody money that hasn't even been earned yet??? And this is tied to the Republican party? How?
just a thought

United States

#14 Sep 27, 2008
MIkey wrote:
Just like every other struggling company, the workers are laid off, but Siegel will continue to milk the company for the billions he makes and puts into his Isleworth mansion that is home to Michael Jackson when he comes to town. Hardly ever see the CEO say, cut may salary this year, and keep a hundred workers.
This has nothing to do with the economy, but rather an oversaturation of the time share market here in Central Florida.
Well this is a privately held company, a company he started with his money and time. Why shouldn't he profit from his company? And as for the CEO of other companies, why would they ask to be paid less if they didn't have to? If the company you work for is struggling, do you volunteer your salary to help make ends meet? Yes I think they are paid too much esp. if the business is failing, but they were smart enough to get it all in a contract.
mountainman

Salt Lake City, UT

#15 Sep 27, 2008
Get your food storage ready.
mom of two

Cartersville, GA

#16 Sep 27, 2008
Mccain tried two years ago to rein in the risky business loans but the Democrats voted against it. Obama is the candidate that received the biggest donations from Freddie Mac and Lehman Brothers. Out of over 350 candidates, Obama was 2nd for most money given to his campaign by Freddie Mac. It was the Democrats that pushed for all these bad loans in the first place. Now they want our tax money to fix it.
correct

Shreveport, LA

#17 Sep 27, 2008
McSame wrote:
I may be wrong, but I remember watching the republican convention and think I saw David Siegal upfront in the audience??? Is he a big republican supporter?
You are correct......... he is a suppoter of the republican party.
just a thought

United States

#18 Sep 27, 2008
Connie wrote:
"Westgate Resorts is privately held, with Siegel as principal owner, so its finances are not publicly disclosed. Siegel, a personal billionaire, said this year was shaping up to be record-setting with more than $1 billion in sales."
I'm confused. If it's been a record setting year, why is it necessary to lay off these employees?
Because the is in sales not profit. I am sure he had recording setting expenses this year too. Many companies are selling at cost so there is a minimal profit margin.
dreams

United States

#19 Sep 27, 2008
while the principal of timeshare isn't bad, many of the people that get "convinced" into buying one are mid to low income people. They end up paying around 20% a year in interest on a $15,000 purchase. That's $300 a month in interest. Of course banks will pull the plug on this type of lending 1st as there is no real intrinsic value. I think Seigel probably just wants to build another house, and the timing is convenient.
jug

Orlando, FL

#20 Sep 27, 2008
mom of two wrote:
Mccain tried two years ago to rein in the risky business loans but the Democrats voted against it. Obama is the candidate that received the biggest donations from Freddie Mac and Lehman Brothers. Out of over 350 candidates, Obama was 2nd for most money given to his campaign by Freddie Mac. It was the Democrats that pushed for all these bad loans in the first place. Now they want our tax money to fix it.
And this is related to timeshares, how?? you're on the wrong page, sweetie.

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