Hospitality major Wyndham Worldwide Corp. has revealed its plan to restructure time-share business.

Under the restructuring plan, the company will eliminate about 4,000 positions. The job cuts represent around 12 percent of the company's overall work force of 32,000. In addition, the Parsippany, New Jersey-based company reiterated its outlook for adjusted earnings per share for the fourth quarter as well as adjusted earnings per share and revenues for fiscal year 2008. However, the company lowered its outlook for fiscal year 2009 revenues.

The company also announced acceleration in its initiatives to increase cash flow and reduce costs.

Accordingly, Wyndham now expects sales in the timeshare business will be $1.2 billion in 2009, down from $2.0 billion in 2008, as it eliminates sales offices and marketing programs.

Wyndham Worldwide's scrip closed Monday's regular trading session at $5.68, up $1.11 or 24.29% on a volume of 3.69 million shares.