Hertz Global (NYSE:HTZ) confirms that it has experienced increased rental cancellations and declining forward bookings amid the pandemic.
As part of an effort to manage costs and reduce capital expenditures, Hertz plans to align staffing levels with travel demand with employee furlough programs. Hertz committed to North American workforce reductions across all departments affecting approximately 10K employees.
Hertz expects to incur an aggregate of approximately $30M in costs relating to these workforce reductions, including approximately $28M in severance or termination payments and approximately $2M in benefits costs primarily relating to healthcare.
