Case Study on Hertz Bankrupt ?
HERTZ BANKRUPT?
Hertz the World No.1 car rental company with $ 9.5 billion revenue in 2018 filed for Bankruptcy protection amidst covid-19, the pandemic on 22nd May 2020. The billionaire investor Carl Ichan has sold his 39% stake (55.3 Million Shares) in a $1.8 billion loss. After the news the stock price of Hertz plummeted 20% to reach $1.04 on 28th May 2020. Interestingly Hertz had given $ 13 million to its senior executives as bonus before they have filed for bankruptcy protection. The major reasons of such financial distress are
1. Huge Debt- $ 19 billion
2. Poor Leadership
3. Ego
4. Inability to Change (Uber)
5. Covid-19
6. Losses- 2019- $58 Million
The JOURNEY ahead will be very though for the Giant Hertz due to the impact of Pandemic Covid-19. Please watch the video for the detailed analysis.
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