Website URL:
   Homepage

Accessibility links

     * Skip to content
     * Accessibility Help

   BBC Account
   Notifications
   
     * Home
     * News
     * Sport
     * Weather
     * iPlayer
     * Sounds
     * CBBC
     * CBeebies
     * Food
     * Bitesize
     * Arts
     * Taster
     * Local
     * Three
     * Menu

   Search
   News 

BBC News Navigation

   
   Sections
   
     * Home 
     * Video 
     * World 
     * US & Canada 
     * UK 
     * Business  selected
     * Tech 
     * Science 
     * Stories 
     * Entertainment & Arts 
     * Health 
     * In Pictures 
     * Reality Check 
     * World News TV 
     * Newsbeat 
     * Special Reports 
     * Explainers 
     * The Reporters 
     * Have Your Say 

   Business selected
     * Market Data 
     * Global Trade 
     * Companies 
     * Entrepreneurship 
     * Technology of Business 
     * Connected World 
     * Global Education 
     * Economy 

   Business
   Business

Hertz: Car rental firm files for US bankruptcy protection

     * 23 May 2020

     * Share this with Facebook 
     * Share this with Messenger 
     * Share this with Twitter 
     * Share this with Email 
     * Share this with Facebook 
     * Share this with WhatsApp 
     * Share this with Messenger 
     * Share this with Twitter 
     * Share 
       Share this with
       These are external links and will open in a new window
          + Email
            Share this with Email 
          + Facebook
            Share this with Facebook 
          + Messenger
            Share this with Messenger 
          + Messenger
            Share this with Messenger 
          + Twitter
            Share this with Twitter 
          + Pinterest
            Share this with Pinterest 
          + WhatsApp
            Share this with WhatsApp 
          + LinkedIn
            Share this with LinkedIn 
       Copy this link
       https://www.bbc.com/news/business-52780841
       Read more about sharing.
       These are external links and will open in a new window
       (BUTTON) Close share panel

   Related Topics
     * Coronavirus pandemic

   Hertz logo Image copyright Reuters

   Car rental company Hertz has filed for bankruptcy protection in the US after the pandemic saw its business plummet.

   The firm, which earns much of its income from car rentals at airports, said it had been affected by the sharp downturn in global travel.

   It will continue to operate while restructuring its debts.

   Hertz's international operations in Europe, Australia and New Zealand as well as its franchised locations in the US are not affected.

   The company - which began operating a century ago in Chicago with a dozen Model T Ford cars - had already furloughed or laid off 20,000 employees, or around half of its global workforce, in response to the pandemic.

   Its chief executive resigned last week.
     * US to borrow record $3tn in pandemic spending
     * Fed warns of slow recovery without more virus aid

   Before the pandemic the company had amassed billions of dollars in debt, with the rise of ride-hailing apps leading to a drop in demand for car rentals.

   "The impact of Covid-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings," Hertz said on Friday.

   While it had taken "immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity", the uncertainty over if and when the market would recover led to its decision, it said.

Related Topics

     * Coronavirus pandemic
     * Car industry
     * Travel

Share this story About sharing

     * Email 
     * Facebook 
     * Messenger 
     * Messenger 
     * Twitter 
     * Pinterest 
     * WhatsApp 
     * LinkedIn 

More on this story

     * One in four US workers claiming jobless benefits
       14 May 2020
       
     * Fed warns of slow recovery without more virus relief
       14 May 2020
       
     * Coronavirus: US to borrow record $3tn as spending soars
       4 May 2020
       

Top Stories

   No troops against protesters - US defence chief

   Mark Esper's comments conflict with suggestions made by President Trump about ways to quell unrest.
   3 June 2020
    Trump denies protests forced him into bunker
   3 June 2020
    The man who sheltered 80 US protesters
   3 June 2020
   

Features

   
   Video

The man who sheltered 80 US protesters

   
   

In pictures: Portraits of Humanity

   
   

'We shoulda did this when they killed Philando'

   
   

Three pioneers who predicted climate change

   
   

Sex workers around the world fear for their future

   
   

The 36-day fight to get one man to breathe

   
   
   Video

'My only possession is a blanket'

   
   

The atheist activists who get death threats

   
   

BBC Future: The world's most sustainable country?

   

Elsewhere on the BBC

   

Football phrases

   

   15 sayings from around the world
   Full article Football phrases
   Why you can trust BBC News

BBC News Navigation

   Business Sections
     * Market Data
     * Global Trade
     * Companies
     * Entrepreneurship
     * Technology of Business
     * Connected World
     * Global Education
     * Economy

     * Home 
     * Video 
     * World 
          + World Home
          + Africa
          + Asia
          + Australia
          + Europe
          + Latin America
          + Middle East
     * US & Canada 
          + US & Canada Home
     * UK 
          + UK Home
          + England
          + N. Ireland
          + Scotland
          + Wales
          + Politics
     * Business  selected
          + Business Home
          + Market Data
          + Global Trade
          + Companies
          + Entrepreneurship
          + Technology of Business
          + Connected World
          + Global Education
          + Economy
     * Tech 
     * Science 
     * Stories 
     * Entertainment & Arts 
     * Health 
     * In Pictures 
     * Reality Check 
     * World News TV 
     * Newsbeat 
     * Special Reports 
     * Explainers 
     * The Reporters 
     * Have Your Say 

BBC News Services

     * On your mobile
     * On smart speakers
     * Get news alerts
     * Contact BBC News

Explore the BBC

     * Home
     * News
     * Sport
     * Weather
     * iPlayer
     * Sounds
     * CBBC
     * CBeebies
     * Food
     * Bitesize
     * Arts
     * Taster
     * Local
     * Three

     * Terms of Use
     * About the BBC
     * Privacy Policy
     * Cookies
     * Accessibility Help
     * Parental Guidance
     * Contact the BBC
     * Get Personalised Newsletters

   Copyright © 2020 BBC. The BBC is not responsible for the content of external sites. Read about our approach to external linking.