Item 2.05. Costs Associated with Exit or Disposal Activities.
On September 10, 2020, Marriott Vacations Worldwide Corporation (the "Company")
approved a workforce reduction plan, which is currently expected to impact
approximately 3,300 associates.
The COVID-19 pandemic and actions taken in response to the pandemic, such as
government restrictions on travel and business operations, have adversely
impacted demand for the Company's products and services. The workforce reduction
plan is part of the Company's response to the impacts of the COVID-19 pandemic
on the Company's business operations and financial position. The Company is
taking these actions to re-balance its workforce to better align with the
evolving needs of the business. As of the date hereof, the Company expects that
job elimination pursuant to the workforce reduction will take effect in
mid-November 2020 or after.
In connection with the workforce reduction, the Company estimates that it will
incur approximately $25 to $30 million in restructuring and related charges
primarily related to employee severance and benefit costs. The majority of these
costs are expected to be incurred in the remainder of fiscal 2020. All of the
$25 to $30 million of restructuring and related charges is expected to result in
future cash expenditures.
Item 7.01. Regulation FD Disclosure.
On September 14, 2020, the Company distributed a communication to employees
regarding the workforce reduction. This internal communication is furnished
herewith as Exhibit 99.1 and is incorporated by reference into this Item 7.01.
The information in Item 7.01, including Exhibit 99.1, is being furnished and
shall not be deemed to be "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to
the liabilities of that Section and shall not be deemed incorporated by
reference into any registration statement or other document filed pursuant to
the Securities Act of 1933, as amended (the "Securities Act"), except as shall
be expressly set forth by specific reference in such filing.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this Form 8-K constitute "forward-looking statements"
within the meaning of federal securities laws. These forward-looking statements
are based on current expectations and assumptions that involve risks and
uncertainties and on information available to the Company as of the date hereof.
The Company cautions you that these statements are not guarantees and are
subject to numerous risks and uncertainties, such as: the effects of the
COVID-19 outbreak, including reduced demand for vacation ownership and exchange
products and services, volatility in the international and national economy and
credit markets, worker absenteeism, quarantines or other travel or
health-related restrictions; the length and severity of the COVID-19 pandemic;
the pace of recovery following the COVID-19 outbreak; competitive conditions;
the availability of capital to finance growth, and other matters referred to
under the heading "Risk Factors" contained in the Company's most recent Annual
Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the
"SEC") and in subsequent SEC filings, any of which could cause actual results to
differ materially from those expressed in or implied in this press release. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future
events, or otherwise.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being filed with this report:
  Exhibit Number                                           Description
       99.1               Letter to Employees, dated September 14, 2020
        101               Cover Page Interactive Data File (embedded within the Inline XBRL document)



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