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The car rental company Hertz has filed bankruptcy protection the US after plummeting rentals. Hertz is the world's second largest car rental company and is a household name. It operates 10,200 franchises in 150 countries six continents. It is one of the highest-profile companies to file bankruptcy because of COVID-19. It had already furloughed or laid more than 20,000 of its employees as rentals dried worldwide. This is about half its global workforce. It said: "The impact of the pandemic travel demand was sudden and dramatic, causing an abrupt decline the company's revenue and future bookings." Hertz had $18.8 billion of debt its books as of March the 31st.

Hertz was founded 1923 when John Hertz the Yellow Cab and Yellow Truck and Coach Manufacturing Company bought a small car rental company. He pioneered what he called a "drive yourself" system, making available just a dozen Model T Ford cars to customers. His mission was, "to be the most customer-focused, cost-efficient vehicle and equipment rental company every market." CNN wrote how the pandemic has impacted Hertz and the entire car rental industry. It said rentals have been "devastated the plunge travel since the pandemic hit earlier this year". It added: "Nearly two-thirds its revenue comes rentals airport locations, and air travel has fallen sharply."