Car rental company Hertz has filed for bankruptcy.
The company has been in business for over 100 years and has survived a number of economic downturns, including the Great Depression and World War II.
But Hertz says the pandemic's impact on travel has caused revenue to plunge. Hertz said in a statement, "uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales."
To try to stem some losses, the company said it plans to furlough and lay off 20,000 employees globally— half of its workforce. Hertz also owns the Dollar and Thrifty rental car companies.
Hertz joins a number of businesses that have filed for bankruptcy protection including JCPenny, Pier 1, Gold's Gym, and Neiman Marcus.
Contains footage fromCNN.
