Rental Car Giant Hertz Files For Bankruptcy Protection

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Car rental company Hertz filed for bankruptcy protection Friday, citing an "abrupt decline in revenue" during the coronavirus pandemic. Hertz is just the latest high-profile company to feel the financial pain of the COVID-19 crisis: Retailers J.C. Penney , J. Crew , and Neiman Marcus all filed for bankruptcy protection this month. Home-decor chain Pier 1 Imports announced it would be closing for good, with final closing sales beginning Memorial Day weekend. After many states began to declare stay at home orders in March, car rentals dried up, and Hertz reduced spending, implemented furloughs and laid off 20,000 employees. In April the company, which includes car-rental brands Dollar, Thrifty and Firefly, missed a payment on its debt, but reached...

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Rental Car Giant Hertz Files For Bankruptcy Protection

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