Hertz, car rental pioneer, files for bankruptcy protection

The Economic Times | May 23, 2020 at 12:23 PM
  • By Niraj Chokshi Hertz, which started with a fleet of a dozen Ford Model T’s a century ago and became one of the world’s largest car rental companies, filed for bankruptcy protection on Friday after falling victim to its mountain of debt.
  • Though it had piled up $17 billion in debt, Hertz, which also owns the Dollar and Thrifty brands, was reporting healthy sales at the start 2020.
  • By late March, the company started to cut back on spending, sold some of its cars, furloughed workers and combined nearby outposts.