“We’ve basically wiped out a decade worth of job creation in a month and a half,” an economist says. May’s unemployment figures will probably look even grimmer.
In late March, Hertz shed 12,000 workers and put an additional 4,000 on furlough, cut vehicle acquisitions by 90% and stopped all nonessential spending. The company said the moves would save $2.5 billion per year.But the cuts came too late to save Hertz, the nation’s No. 2 auto rental company founded in 1918 by Walter L. Jacobs, who started in Chicago with a fleet of a dozen Ford Model Ts. Jacobs sold the company, initially called Rent-A-Car Inc., to John D. Hertz in 1923.
In a note to investors in late April, Jefferies analyst Hamzah Mazari predicted that rival Avis would survive the coronavirus crisis, but Hertz had only a 50-50 chance “given it was slower to cut costs.” On May 18, Hertz named operations chief Paul Stone as CEO and announced that Marinello would step down as CEO and from the company’s board. Mazari called the step unusual just days before a potential bankruptcy filing. He also noted that CEO changes have been common at Hertz since financier Carl Icahn entered the company in 2014.
Icahn’s holding company is Hertz’s largest shareholder, with a 38.9% stake in the company, according to FactSet.Deutsche Bank analyst Chris Woronka credited Marinello with reigniting Hertz’s revenue growth, writing in a note to investors that it rose 16% in 2018 and 2019 combined.
Hertz, don't it?
Will O. J. start doing their commercials again?
About to get me a sweeeeeet deal on a car driven by no less than 50 people with lowish mileage.
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Debt and coronavirus push Hertz into bankruptcy protectionHertz has filed for bankruptcy protection, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company’s business Are we surprised? The whole damn economy is dying. Worth noting the keyword bankruptcy ... “protection”. Way to go take the money and start a new company!
Source: ABC - 🏆 471. / 51 Read more »
Debt and coronavirus push Hertz into bankruptcy protectionHertz has filed for bankruptcy protection, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company’s business. Well it happens when you have a president with bankruptcy experience Man that Hertz Too much avocado toast?
Source: AP - 🏆 728. / 51 Read more »
Hertz files for bankruptcyHertz has filed for bankruptcy. The rental-car giant — which also operates the Dollar, Thrifty and Firefly brands — has been devastated by the plunge in travel since the coronavirus pandemic hit. The company has been renting cars since 1918, when it set up shop with a dozen Ford Model Ts, and has survived the Great Depression, the virtual halt of US auto production during World War II and numerous oil price shocks. They should have bought the all-inclusive insurance! This hurts
Source: CNN - 🏆 4. / 95 Read more »
WSJ News Exclusive | Hertz Preparing Bankruptcy Filing as Soon as This WeekendA bankruptcy, expected as soon as Friday night, would make Hertz one of the highest-profile corporate defaults yet stemming from the coronavirus pandemic’s impact on American travelers. 'just stay home bro' now imagine how bad small businesses are doing. Hertz don't it That Hertz man
Source: WSJ - 🏆 98. / 63 Read more »
Hertz filing for bankruptcy as early as this weekend: report - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. I remember being at a Hertz location in Denver. Hundreds were stranded who had reserved cars, yet the location had none. It seems like a poorly run business. Surprised Hertz didnt disappear 2 years ago, who rents cars now? I feel for the employees, but not for the company. They ran a scam business when it came to all the “extras” and their high pressure dishonest sales tactics
Source: BusinessInsider - 🏆 729. / 51 Read more »
WSJ News Exclusive | Rental-Car Company Hertz Files for BankruptcyOne of the nation’s largest car-rental companies entered chapter 11 proceedings hoping to survive a drop-off in ground traffic from the pandemic and avoid a forced liquidation of its vehicle fleet. yet they survived oj simpson Hertz Global Holdings Inc filed for bankruptcy in Delaware . Many companies will need and get bailout funds
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