Car rental giant files for bankruptcy protection citing decline in revenue due to covid-19 crisis.
Now that Hertz has already laid off 20,000 employees because of the pandemic episodes but, has also reduced the spending as the car rental services/demands dried out.
Hertz missed a payment on its debt this March and has secured a short term agreement with the creditors but not for the long terms. This puts Hertz and its subsidiary companies Dollar, Thrifty and Firefly in a very tight situation.
The company said they will spend 1billion$ in cash to handle its overseas business in Europe, Australia and New Zealand while they proceed to file for bankruptcy.
Good news to all those who had their reservations, vouchers discounts, promotional offers is that, the company is made an open statement about honoring it.
Hope the high-profile company survives through this pandemic crisis.