Hertz has filed for bankruptcy. The rental-car giant — which also operates the Dollar, Thrifty and Firefly brands — has been devastated by the plunge in travel since the coronavirus pandemic hit.
The company has been renting cars since 1918, when it set up shop with a dozen Ford Model Ts, and has survived the Great Depression, the virtual halt of US auto production during World War II and numerous oil price shocks. By declaring bankruptcy, Hertz says it intends to stay in business while restructuring its debts and emerging a financially healthier company.
with the goal to develop a financing strategy and structure that better reflects the economic impact of the Covid-19 global pandemic and Hertz' ongoing operating and financing requirements."The company had a total of 568,000 vehicles and 12,400 corporate and franchise locations worldwide at the start of this year. About a third of those locations are at airports.
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