Hertz has filed for Chapter 11 bankruptcy
protection in the USA.
Hertz’s international operating regions
including Europe, Australia and New Zealand, as well as the
franchised locations not owned by the company, are not included in
the Chapter 11 proceedings.
“Hertz has over a century of industry leadership
and we entered 2020 with strong revenue and earnings momentum,”
said Hertz President and CEO, Paul Stone. “With the severity of
the COVID19 impact on our business, and the uncertainty of when
travel and the economy will rebound, we need to take further steps
to weather a potentially prolonged recovery.”
Mr. Stone added that starting Chapter 11
proceedings “will protect the value of our business, allow us to
continue our operations and serve our customers, and provide the
time to put in place a new, stronger financial foundation to move
successfully through this pandemic and to better position us for
the future. Our loyal customers have made us one of the world’s
most iconic brands, and we look forward to serving them now and on
their future journeys.”
All of Hertz’s businesses globally, including the
Hertz, Dollar, Thrifty, Firefly, Hertz Car Sales, and Donlen
subsidiaries, remain open.
Reservations, promotional offers,
vouchers, and customer and loyalty programs, including rewards
points, are also expected to continue as usual.