Hertz Files for Bankruptcy Hertz has been renting cars
since 1918, but on Friday night,
the company filed for bankruptcy. Hertz, via statement Hertz, via statement According to CNN Business, two-thirds
of rental car industry revenue comes
from rentals at airports. These types of rentals have seen a
major decline since travel has halted
across the globe due to the
coronavirus pandemic. Hertz says the bankruptcy process will provide “a more
robust financial structure that best positions the
company for the future as it navigates what could be a
prolonged travel and overall global economic recovery.” The drop in rental car business
will also likely affect the
automakers of the world. According to Cox Automotive,
rental car companies purchased
1.7 million U.S. cars last year. Hertz joins a growing list of big name
retailers who have filed for bankruptcy, including JCPenney, Neiman Marcus,
J.Crew, Whiting Petroleum and
Diamond Offshore Drilling.
