Hertz, Car Rental Pioneer, Files for Bankruptcy Protection
The company, which had amassed a large debt, has been devastated by the sharp drop in travel during the pandemic.
How does Hertz rack up $17 billion in debt? They do not own the vehicles - they are leased. A global pandemic slams shut their revenue stream, the lease companies still want their money, and you have a business in strife. This is happening everywhere.