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An American car rental company operating in more than 150 countries and the subsidiary of Hertz Global Holdings that is headquartered in Estero, Florida and was founded in 1918 by Walter L. Jacobs. Companies and divisions of Hertz include: Hertz Car Sales, Hertz Truck & Van, Hertz Lease, Hertz Entertainment Services, Hertz Local Edition, Donlen, Dollar Rent A Car, and Thrifty Car Rental.
On Friday May 22, 2020 Hertz announced filing for bankruptcy after the COVID-19 pandemic significantly lowered the company's revenue. The executive vice president and chief financial officer of Hertz, Jamere Jackson, made the following statement related to the company's bankruptcy filing:
The overall impact of the COVID-19 crisis devastated our revenue.
Hertz previously let go of 14,400 employees before filing for bankruptcy since the COVID-19 pandemic began effecting the operation of the company. Hertz filed for bankruptcy because its debt load of $14.7 billion related to vehicle financing is not sustainable under the economic conditions caused by the COVID-19 pandemic.
