Why Shares of Hertz Global Are Down Today
Shares of Hertz Global Holdings (NYSE: HTZ) fell 10% on Tuesday after the auto rental giant quantified how the COVID-19 pandemic is affecting business and announced steps to mitigate the damage.
The pandemic has brought global travel to a halt, and in the process has caused a significant increase in auto rental cancellations and a decline in forward bookings. In response, Hertz in a securities filing late Monday said it is reducing its total North American workforce by about 10,000. The terminations are effective April 14 for nonunion employees and April 21 for union employees.
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Source Fool.com
