Hertz Posts $1.7 Billion Loss for 2020

By Jesse Sokolow on 27 February 2021
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Hertz Global Holdings announced financial results for fourth quarter and calendar year 2020.

The world’s second largest rental chain reported a loss of $289 million on revenue of $1.2 billion in the fourth quarter. For the full year, revenue was $5.3 billion and it posted a net loss of $1.7 billion.

The company said it is making progress on its bankruptcy proceedings and plans to emerge from Chapter 11 by the end of summer.

Hertz said it had “severe volume declines” amidst the coronavirus pandemic-induced decline in travel. It consolidated locations and lowered staffing, while cutting all non-essential spending and capital expenses.

The rental chain and several of its U.S. and Canadian subsidiaries filed for bankruptcy protection under Chapter 11 in May of last year.

(Photo: Accura Media Group)

Accura News

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