Late Friday night, rental car company Hertz announced it was filing for Chapter 11 bankruptcy protection as demand for car rentals hits all time lows. Hertz had been giving hints this was a likelihood the last few weeks, but always seemed able to stave off this move. No more, as Hertz Global Holdings, which operates Hertz, Dollar, and Thrifty rental car brands announced this move.
The Chapter 11 filing was only for US-based assets and did not apply to any worldwide assets such as those in Australia or Europe.
Hertz, like most rental car companies, has seen the demand for car rentals dramatically fall during the COVID-19 pandemic as travel has dropped to all-time lows. People aren’t traveling and that means they are not renting cars.
Hertz had staved off a Chapter 11 in recent weeks by adding 10,000 employees to the growing ranks of unemployed travel staff which has now crossed the 50% mark.
Unlike the airlines, Hertz didn’t get any government bailout money which, when combined with $14B in debt, a collection of leased vehicles getting dusty on a lot, and nearly 40,000 employees, was a death tell for them.
The entire rental car industry is in the doldrums and it’s likely that this move by Hertz may be followed by other rental car companies. Who’s next?
Like many of us, you are probably struggling to find your new normal. Perhaps you’ve done that and are simply bored. We’ve got your back. Here’s a ton of recent content that revolves around what’s facing us today, including working from home ideas, what to watch, things to read, and how to avoid boredom. Enjoy.
- Hilarious Work from Home Memes that 100% accurate
- Best Travel Thermometers
- 11 Ways to Earn Cash from Home
- 17 Tips on Successfully Working from Home
- 9 Laptops on Sale Right Now
- How to make your own Face Mask
- 7 Work from Home Accessories to Maximize Productivity
- 10 Books that have changed my life (and might change yours)
- 31 Funny Zoom Backgrounds
- Free Microsoft Teams Backgrounds
- How to keep yourself busy at home (31 things to do when you can’t travel)
- Practical advice for leading a team remotely during a crisis
- 5 Virtual Team Building Ideas to keep things light & fun while working remote
- Business Travel is Dead. Long Live Business Travel.
- Will Local Travel Lead the Way Back for the Travel Industry?
- 10 TV Shows from 2000-2010 worth rewatching while you are NOT traveling
- Best New Shows to Watch while NOT traveling (plus some deep cuts)
- Amazon Cinema is here to save us all: watch in-theater movies at home
- Amazon makes many kids shows free to help keep parents from losing their minds
- 5 Tips for not being a total douchebag elite traveler right now
- 7 Creative Ways to Travel When You Can’t Leave Your House
- 47 Best Travel Books of all time, the Ultimate List of Books to Read while Traveling
- How to Disinfect your Cell Phone, Laptop, iPad, Spouse, etc (Travel Tip Tuesday #13)