Press Release: Fairfield Resorts
April 12, 2001
LITTLE ROCK, AR -- Fairfield Resorts, a newly acquired subsidiary of Cendant Corporation (NYSE: CD), yesterday
announced that it will consolidate its Little Rock, Arkansas-based headquarters functions into Fairfield's and
Cendant's existing infrastructure and close the Little Rock headquarters facility within the next 12 to 15 months.
Approximately 370 employees will be impacted by the closure.
A number of employees will be offered opportunities at Fairfield's operation in Orlando, Florida, Cendant's Parsippany,
NJ location, or other Cendant operations near Little Rock. For those employees whose jobs are eliminated, or who
do not elect to relocate, Fairfield is committed to providing severance packages along with job placement and career
counseling services.
``The synergies that will be realized through consolidation are considerable,'' said Franz Hanning, CEO of Fairfield
Resorts. ``We recognize the valuable contribution of our Little Rock staff and will endeavor to make this transition
as easy as possible.''
Fairfield Resorts, with more than 339,000 vacation-owning households, is one of the largest vacation ownership
companies in the United States, marketing and managing resort properties at 34 locations in 12 states and the Bahamas.
Fairfield operates over 32 dedicated sales centers and manages over 110 timeshare and whole ownership resort associations.
Cendant Corporation is a diversified global provider of business and consumer services primarily within the real
estate and travel sectors. The Company's fee-for-service businesses include hotel, real estate and tax preparation
franchising; rental cars, fleet leasing and fuel cards; mortgage origination and employee relocation; customer
loyalty programs; vacation exchange and rental services and vacation interval sales. Other businesses include the
UK's largest private car park operator and electronic reservations processing for the travel industry. With headquarters
in New York City, the Company has approximately 60,000 employees and operates in over 100 countries.
More information about Cendant, its companies, brands and current SEC filings may be obtained by calling 877-4INFO-CD
(877-446-3623) or by visiting the Company's Web site at http://www.Cendant.com.
SOURCE: Fairfield Resorts