Global car rental company Hertz became the latest economic casualty of the coronavirus pandemic, filing for bankruptcy in the US and Canada after more than a century in business. "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 in a press release yesterday.
Hertz said it took "immediate action" to prioritise the health and safety of employees and customers and eliminate "all non-essential spending". "However, 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," it said.