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Hertz files for bankruptcy

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Posted By: Pluperfect, 5/23/2020 4:52:09 AM

New York- Hertz filed for bankruptcy Friday night, the latest victim of the sudden economic downturn sparked by the Covid-19 pandemic. 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. "The impact of Covid-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings," said the company's statement.

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Reply 1 - Posted by: ROLFNader 5/23/2020 6:40:57 AM (No. 419419)
C'mon CNNannies , you don't suppose Uber or Lyft has had an impact on this prior to your sacred virus?
5 people like this.

Reply 2 - Posted by: StormCnter 5/23/2020 7:14:58 AM (No. 419450)
I quit Hertz many years ago when they continued to use O.J. Simpson in their ads after he pleaded guilty to beating up his wife, Nicole.
4 people like this.

Reply 3 - Posted by: Philipsonh 5/23/2020 7:30:35 AM (No. 419464)
'Restructuring it's debts' means not paying all its debts.
9 people like this.

Reply 4 - Posted by: LadyHen 5/23/2020 8:19:19 AM (No. 419514)
We as a family and dh as a business traveller never used Hertz. Many times they were twice the price with no extra benefit. This has been the case for decades. I am guessing they had corporate accounts that kept them afloat and the almost complete halt of business travel from COvid was the last nail in the coffin. Makes you wonder since the only place I ever saw CNN on was airports, why aren't they filling for bankruptcy?
5 people like this.

Reply 5 - Posted by: dirtyjersey 5/23/2020 8:51:11 AM (No. 419559)
Perhaps the video kiosks, complete with old fashioned payphone handsets, weren’t the best idea in a pandemic. I know they weren’t the best before it.
1 person likes this.

Reply 6 - Posted by: mc squared 5/23/2020 8:58:03 AM (No. 419569)
Like them or not, there are employees' livelihoods at stake here. I can't think of a better way to destroy our country's economy than a lengthy lock down.
4 people like this.

Reply 7 - Posted by: earlybird 5/23/2020 9:27:48 AM (No. 419611)
Another slow-dying business finally gives up and blames it on COVID-19. Hertz was the least favorite rental for business travelers in the 1970s!!!
2 people like this.

Reply 8 - Posted by: DVC 5/23/2020 2:13:44 PM (No. 419872)
I almost never rent from Hertz, always WAY more expensive than two or three other companies, here or in Europe. Somehow their business model requires high prices, and still doesn't work. Not much sympathy here from a car renter. I often look, and never rent from Hertz.
1 person likes this.

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