Hertz Global Holdings, one of the biggest rental car companies in the U.S., has filed for Chapter 11 bankruptcy, The Wall Street Journal reports. The company owes roughly $19 billion in debt, and its gargantuan fleet of 700,000 cars has been almost entirely parked in place due to the new coronavirus and associated stay-at-home mandates. The pandemic has hit travel companies hard, with major airlines receiving bailouts, startup darling Airbnb laying off a quarter of its staff, and now Hertz, one of the largest corporate failures brought on by the pandemic. Analysts told the Journal that the travel business may not return to pre-COVID-19 levels due to a growing emphasis on remote work. The company has also attempted to restructure its business multiple times in recent years, replacing its CEO just four days ago, marking its fourth leader in less than 10 years.
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