Home Latest News Hertz: Car rental firm files for US bankruptcy protection - BBC News

Hertz: Car rental firm files for US bankruptcy protection – BBC News

Hertz logoImage copyright

Car rental business Hertz has submitted for bankruptcy security in the US soon after the pandemic noticed its enterprise plummet.

The organization, which earns significantly of its cash flow from vehicle rentals at airports, claimed it experienced been impacted by the sharp downturn in world wide travel.

It will continue on to operate although restructuring its debts.

Hertz’s global functions in Europe, Australia and New Zealand as properly as its franchised destinations in the US are not affected.

The enterprise – which commenced working a century in the past in Chicago with a dozen Design T Ford cars and trucks – experienced presently furloughed or laid off twenty,000 employees, or close to 50 percent of its world workforce, in reaction to the pandemic.

Its main govt resigned past 7 days.

Right before the pandemic the firm experienced amassed billions of bucks in debt, with the increase of experience-hailing apps foremost to a fall in demand for automobile rentals.

“The influence of Covid-19 on vacation demand from customers was sudden and remarkable, producing an abrupt decrease in the firm’s revenue and upcoming bookings,” Hertz claimed on Friday.

While it had taken “instant actions to prioritize the wellbeing and basic safety of personnel and prospects, reduce all non-essential spending and protect liquidity”, the uncertainty around if and when the sector would get better led to its decision, it claimed.


Please enter your comment!
Please enter your name here

Must Read

Google’s ‘Hold for Me’ Assistant feature appears first on new Pixel phones – Engadget

When the Pixel 5 and Pixel 4a 5G arrive, they’ll include an early preview of Google’s new feature for the Phone app, the Duplex-powered “Hold for Me.” Mentioned during the Launch Night presentation and explained in a blog post, it lets Google Assistant wait around and wait for someone to pick up when a business…

Watch ‘Weird Al’ Yankovic Moderate Presidential Debate in ‘We’re All Doomed’ Video – Rolling Stone

“Weird Al” Yankovic teamed up with the Gregory Brothers for a comedic musical take on Tuesday night’s presidential debate between Donald Trump and Joe Biden with their video for the song “We’re All Doomed.” Yankovic and the Gregory Brothers’ satirical rendering accurately summed up the general consensus following the debate: “We’re all doomed,” Yankovic yells…

Previewing LeBron, Lakers taking on the Heat | NBA Finals | Hoop Streams – ESPN

Sorry for the interruption. We have been receiving a large volume of requests from your network. To continue with your YouTube experience, please fill out the form below.

Pixel 5, Chromecast with Google TV, Nest Audio: All of today’s Google announcements – CNET

Juan Garzon/CNET Last week Amazon dropped its annual armada of new products on us -- now it's Google's turn. The company's Launch Night In stream Wednesday follows its unveiling of the Pixel 4A budget phone in August. That event confirmed the existence of its next flagship phone, the Pixel 5, and the Pixel 4A 5G. They were launched today, along…

Disney World layoffs: 6,700 non-union employees are losing their jobs – Orlando Sentinel

About 6,700 Walt Disney World non-union employees are losing their jobs because of the fallout from the coronavirus pandemic, according to an alert the Walt Disney Co. sent to the state. The notice is the first indication of how many Orlando employees are part of the massive layoffs the company announced Tuesday after the market…