It Hertz!

Car company Hertz filed for bankruptcy.

Car rental company Hertz filed for bankruptcy. The company is one of the largest car rental agencies in the United States and Canada.

The company has massive debt and it's citing the COVID-19 pandemic as a factor. Also the mismanagement from top executives kind of messed it up as well.

CNN reports that the company is in deep trouble. The auto industry has seen steep decline since the pandemic. With fewer people traveling on the roads this Memorial Day weekend, it's expected to be a nightmare for the hospitality and service industry. Trust me, I work at a local racino and they're closed to do the governor's executive order on large gatherings at establishments like that.

The airline industry also took a huge hit which Hertz usually banks off of. The company is notable near airports. With air travel down 94%, many Americans and international travelers are not renting vehicles for those long trips across the country.

Non-airport rentals also are down. The insurance agencies seen a decrease in traffic accidents. During this time, accidents are at its highest. Hertz would be offering vehicles to those who had accidents.

On Friday, the company filed for Chapter 11 bankruptcy protection. The debt is too great for the creditors to write off.

Rivals Enterprise, Budget and Avis are also taking hits as well. Now the rental car companies are planning on selling vehicles at dirt cheap prices to at least make a profit.

Hertz been around for over 100 years. It survived the Great Depression, World War II and 9/11.

Hertz kept you going.

The company hopes to survive the COVID-19 pandemic. They said that they're going to restructure and intend on staying operational for the time being.

"The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings. There is uncertainty and it remains as to when revenue will return and when the used car market will fully re-open for sales, which necessitated today's action," said Hertz in a statement.

Hertz joins Neiman Marcus, JCPenney, Gold's Gym, J. Crew, Whiting Petroleum, Diamond Offshore Drilling and other companies in filing for bankruptcy.

Donald J. Trump's failure to take control of the COVID-19 pandemic has over 100,000 Americans dead. Over 40 million out of work. A global market in chaos.

All we getting from Trump and his allies is the distractions that keep people off the real issues that we're facing together. Trump wants to make sure you're worried about words said by his rivals instead of his callous and incompetent handling of a global pandemic and economic recession.

The dominos are going to fall and Trump will be blamed for the disaster the country is foreshadowing.