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Rental Car Behemoth Hertz Latest To File For Bankruptcy

Hertz is the latest major company to implode after the pandemic nearly halted all business and leisure travel worldwide. "The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings," Hertz said in a statement when it revealed its bankruptcy filing Friday night. “Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity. However, uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action. ”The rental car company, which is the second largest in the country after Enterprise Holdings by sales, locations, and fleet size, joins other huge companies in filing for financial protection. Since the beginning of the year, the list includes JCPenney, Neiman Marcus, J.

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