Hertz could file for bankruptcy as early as this weekend as the coronavirus pandemic crushes the car-rental industry
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Car-rental giant Hertz could file for bankruptcy as soon as this weekend after it was unable to reach an agreement with its biggest lenders, The Wall Street Journal reported on Friday.
Sources told the paper that Hertz is expecting to seek chapter 11 protections, which would make it one of the largest corporate casualties of the coronavirus pandemic's widespread economic fallout as travel restrictions decimate the
Hertz's business had already been struggling before the pandemic as it tried to fend off competition from other rental agencies as well as ride-hailing businesses like Uber and Lyft. In April, it was forced to lay off 10,000 workers — roughly 26% of its total workforce — and its CEO resigned earlier this week.
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