Hertz Files For Bankruptcy After 16,000 Employees Were Let Go And CEO Made Over $9 Million
After 100 years in business, Hertz filed for bankruptcy on Friday, proving to be yet another casualty during Covid-19.
The old-time entity now joins the likes of J.C. Penney, J. Crew, Neiman Marcus, Gold’s Gym, Pier 1 and the McClatchy newspaper chain—companies that have all sought bankruptcy protection in recent weeks. Hertz was just another victim of the pandemic, people will say. It's easy to blame the company’s misfortunes, as well as the other corporate casualties, on the pandemic. The reality is a different story. The failures of Hertz and the others have more to do with their own arrogant inertia and inability to recognize the fast-changing trends and a refusal to adapt their business models accordingly.
Back in the day, Avis was Hertz’s major rival. Avis branded itself as the scrappy underdog and adopted the advertising tagline, “We Try Harder.” It was meant to convey that the folks at Avis will do whatever it takes to make its customers happy. Hertz’s slogan should’ve been “We Didn’t Try Hard Enough.”
The Wall Street Journal reported, “Hertz Global Holdings Inc., one of the nation’s largest car-rental companies, filed for bankruptcy protection Friday, saddled with about $19 billion in debt and nearly 700,000 vehicles that have been largely idled because of the coronavirus.” The company has lost money for the past four consecutive years, including $58 million in 2019.
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