Hertz Files for Bankruptcy Hertz has been renting cars <br />since 1918, but on Friday night, <br />the company filed for bankruptcy. Hertz, via statement Hertz, via statement According to CNN Business, two-thirds <br />of rental car industry revenue comes <br />from rentals at airports. These types of rentals have seen a <br />major decline since travel has halted <br />across the globe due to the <br />coronavirus pandemic. Hertz says the bankruptcy process will provide "a more <br />robust financial structure that best positions the <br />company for the future as it navigates what could be a <br />prolonged travel and overall global economic recovery." The drop in rental car business <br />will also likely affect the <br />automakers of the world. According to Cox Automotive, <br />rental car companies purchased <br />1.7 million U.S. cars last year. Hertz joins a growing list of big name <br />retailers who have filed for bankruptcy, including JCPenney, Neiman Marcus, <br />J.Crew, Whiting Petroleum and <br />Diamond Offshore Drilling.
