Hertz Files For Bankruptcy Amid Coronavirus Pandemic

The company, with over 100 years of history, has weathered many economic challenges, including the Great Depression and World War Two. However, the pandemic has severely impacted travel, causing a significant drop in revenue. The company plans to furlough and lay off 20,000 employees, half of its workforce, due to ongoing uncertainty about revenue recovery and the reopening of the used car market. Hertz, which also owns Dollar and Thrifty rental car companies, joins other businesses like JCPenney and Neiman Marcus in filing for bankruptcy protection.

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