Hertz Files for Bankruptcy

Rental-car company Hertz has filed for bankruptcy after a major sales downturn that was fueled by COVID-19.

“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 a company statement. “Uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today’s action.”