Name: Rental Car Giant Hertz Files For Bankruptcy Protection
Brand: npr.org
SKU: npr-org-391
Availability: OnlineOnly

critic

Rental Car Giant Hertz Files For Bankruptcy Protection

preview

Rental Car Giant Hertz Files For Bankruptcy Protection A decrease in travel amid the coronavirus pandemic has dealt a "sudden and dramatic" blow to the company's revenue.Car rental company Hertz Friday, citing an "abrupt decline in revenue" during the coronavirus pandemic. Hertz is just the latest high-profile company to feel the financial pain of the COVID-19 crisis: Retailers , , and all filed for bankruptcy protection this month. Home-decor chain announced it would be closing for good, with final closing sales beginning Memorial Day weekend. After many states began to declare stay at home orders in March, car rentals dried up, and Hertz reduced spending, implemented furloughs and laid off 20,000 employees.Toggle more optionsIn April the company, which includes car-rental brands Dollar, Thrifty and Firefly, missed a payment on its debt, but reached a short-term deal with its creditors. The company was unable to secure a long-term agreement. The filing excludes Hertz's international operating regions in Europe, Australia and New Zealand, as well as its more than 10,000 franchised locations. The company said it would use more than $1 billion in cash on hand to support its ongoing operations as it proceeds with the bankruptcy process. The company will continue to honor reservations, promotional offers, vouchers and rewards points programs."Today's action will protect the value of our business, allow us to continue our operations and serve our customers, and provide the time to put in place a new, stronger financial foundation to move successfully through this pandemic and to better position us for the future," said CEO Paul Stone in a statement. "Our loyal customers have made us one of the world's most iconic brands, and we look forward to serving them now and on their future journeys." In addition to its financial woes, Hertz has been under management upheaval. Stone was CEO on May 18 — days before the bankruptcy filing — after Kathryn Marinello stepped down. He previously served as executive vice president and chief retail operations officer for North America.Sponsor Message

Rental Car Giant Hertz Files For Bankruptcy Protection A decrease in travel amid the coronavirus pandemic has dealt a "sudden and dramatic" blow to the company's revenue.Car rental company Hertz Friday, citing an "abrupt decline in revenue" during the coronavirus pandemic. Hertz is just the latest high-profile company to feel the financial pain of the COVID-19 crisis: Retailers , , and all filed for bankruptcy protection this month. Home-decor chain announced it would be closing for good, with final closing sales beginning Memorial Day weekend. After many states began to declare stay at...

public

Suzanne Nuyen

News. Arts & Life. Music & more. This is NPR. 🕵️ Securely send us news tips: http://securedrop.npr.org

npr.org

Credible

Speculation

Anecdotal Evidence

Generalization

Stacking the Deck

Appeal to Authority

Straw Man

Slippery Slope

Emotional Appeal

Red Herring

False Dilemma

Illogical

Moral Equivalency

Ad Hominem

Correlation w/o Causation

Semantics

Begging the Question

Faulty Analogy

Non Sequitur

Bandwagon

Dogmatism

Failing Occam's Razor

Biased

Pure Opinion

Hit Piece

Racial Bias

National Bias

Religious Bias

Financial Incentive

Political Agenda

Gender Bias

Misused Image/Video

Study Misinterpreted

Mistake

Misused Term

Science Misrepresented

Factual Error

Satire

Surface Level

Lack of Reliable Sources

Sensational

Not Credible

Investigative

Balanced

Well Sourced

Great Context

sports

entertainment

U.S.

international

business

technology

science

culture

politics

media

health

Rental Car Giant Hertz Files For Bankruptcy Protection

No article scores yet.

CRITIC REVIEWS

PUBLIC REVIEWS