Just reported by IBTimes: "Hertz Global Holdings (HTZ) continues to show signs that a possible bankruptcy filing Is coming as the company looks to preserve liquidity and has reportedly canceled 90% of its new car purchases for 2020. The decision to implement the cost-cutting measures comes as Hertz announced its Q1 2020 earnings report citing a larger than expected net loss of $356 million".
5 replies (most recent on top)
This is old news. Those cancellations started back in Feb/March.
https://www.ibtimes.com/hertzs-cancels-new-car-orders-help-forego-bankruptcy-automakers-will-feel-hit-2974915
Hertz is not the only company to cancel cars. This is an industry wide action being taken.
No sh%$ of course they cancelled the new car orders that cant even pay for the fleet they have. For hertz to make money they target utilization at 92% + and RPD of at least $35. WIth all the cars sitting I am guessing they are running at best 20%. The only way to improve utilization is rent cars or get rid of them. Corp travel drives volume but rates are low. Leisure drives RPD and days. No hope right now since the company was in bad shape to start with even before covid.
Kathy is planning her exit with a golden parachute. This company is doomed. There is no hope. No path for survival!