Yahoo Finance reports:
Global car rental company Hertz became the latest economic casualty of the coronavirus pandemic Friday, filing for bankruptcy in the US and Canada after more than a century in business.
“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 press release. Hertz said it took “immediate action” to prioritize the health and safety of employees and customers and eliminate “all non-essential spending”.
“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,” it said. Its main international operating regions, including Europe, Australia and New Zealand, were not included in the US Chapter 11 filing.