Hertz is the latest economic victim from the coronavirus pandemic.
The car-rental company has filed for bankruptcy after seeing an abrupt decline in revenue and future bookings.
The travel industry as a whole has been devastatingly impacted by COVID-19.
Hertz said it plans to stay in business and restructure its debts.
It has already tried to stem some losses by letting go of 12,000 employees in North America.
Hertz is the parent company for Hertz, Dollar, Thrifty and Firefly, a discount brand outside the U.S.