Hertz rental car files for bankruptcy

12,000 employees in North America let go, company says

This May 23, 2020, photo shows rental vehicles parked outside a closed Hertz car rental office in south Denver. Hertz said Wednesday, June 17, it has put its plans to sell $500 million worth of stock on hold because the offering is being reviewed by the Securities and Exchange Commission. (AP Photo/David Zalubowski) (David Zalubowski, Copyright 2020 The Associated Press. All rights reserved.)

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.