Hertz Global Holdings (Website), the parent company of Hertz Car Rentals, filed for Chapter 11 Reorganization on Friday, May 22.
The international company, which also owns Dollar and Thrifty, filed a claim for Chapter 11 in the United States and left its international operations out of the proceedings, as of last week.
Early on in the pandemic, Hertz let go of 12,000 workers and furloughed another 4,000 in an effort to cut costs.
The company, which makes the bulk of its profits from operations at airports around the world, is faced with roughly $19 billion worth of debt and is attempting to sell roughly 30,000 cars a month of its over 500,000-unit fleet by the end of the year, according to a report by CNBC.
Other actions include reducing off-airport rental locations, implementing layoffs of roughly 50 percent of its global workforce, canceling fleet orders, and deferring capital expenditures.
Hertz has 37 listed locations in the Orlando area and has been in business for 102 years and launched in 1923 under the name Rent-A-Car. The company is expected to continue operations and currently have $1 billion cash-on-hand.
