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Hertz filed for Chapter 11 bankruptcy amid rising debt and a sharp drop in demand for rental cars during the coronavirus pandemic.
The company is the latest travel-related business to fall victim to the coronavirus, which has grounded travelers and tourists and led to a sharp drop in revenue.
The article goes on to state the following:
“The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the Company’s revenue and future bookings,” the company said in a statement. “Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity.
“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 continued.
— The Hill (@thehill) May 23, 2020
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