After retrenching more than 2,000 employees, Bluegreen timeshare is still considering further cutbacks in personnel.

John Maloney—chief executive of Bluegreen—said that they will reduce approximately 60 percent of the company’s timeshare sales and development team sometime this year.

If you look back at Bluegreen timeshare’s past performance, you’d be surprised how quickly things turned for the company. 

In July 2008, Bluegreen timeshare stocks were pegged at more than $12 per share. In fact, the developer of the resort—Diamond Resorts—was aiming to acquire Bluegreen at $15 per share plus all outstanding debt.

Many reports confirmed that the timeshare industry was doing well despite the economic credit crunch. Timeshare resale values had double-digit interest rates that sometimes exceeded 20 percent. However, as John Maloney aptly put it, “the music stopped.”

With a tighter credit market, timeshare companies are being forced to cut back personnel and delay or cancel expansion/growth plans. Now, Bluegreen is aiming to reduce its growth and acquisition budget to $150,000 million.