Estero, Florida Based Hertz Just Filed For Bankruptcy
Hertz, who has been renting cars since 1918 filed for bankruptcy Friday night.
Hertz says it intends to stay in business while restructuring its debts and emerging through bankruptcy as a financially healthier company. Bankruptcy does not automatically mean a company is going out of business. GM, for instance, is one company that has survived the process.
Nearly two-thirds of its revenue comes from rentals at airport locations, and with a dramatic decrease in airline travel, Hertz revenue was decimated. The company has notified 12,000 employees in North America that that they were losing their jobs, and another 4,000 are on furloughs.
Hertz had already announced it would not purchase any new cars for the rest of this year, and that it is starting to sell its vehicles as used cars. Quite a few of them here locally in SWFL. Here’s the link: Hertz
There’s no further information about what is happening with the Estero campus, or the currently named Hertz Arena, but with Hertz being such a large employer locally, we’ll definitely be watching.