BREAKING: Hertz files for bankruptcy as the coronavirus pandemic crushes the car-rental industry
last Saturday, and the company's board of directors named Paul Stone, who previously served as the company's executive vice president and chief retail operations officer for North America, to step in for Marinello.
Hertz, whose parent company, Hertz Global Holdings Inc., also owns rental brands Dollar and Thrifty, had said in ain April that it was considering seeking bankruptcy protections after it "did not make certain payments" on its operating lease. Hertz said it "could be materially and negatively impacted" if discussions with lenders to reduce those payments weren't fruitful by the first week of May.
Hertz's stock dropped by as much as 50% in after-hours trading following the The Wall Street Journal's initial report that the company would file for bankruptcy on Friday night.
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