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A car rental area at Miami International Airport. Photo: Kike Calvo/Universal Images Group via Getty Images

Hertz, one of the largest rental car companies in the world, filed for Chapter 11 bankruptcy on Friday evening, the company announced in a press release.

The big picture: This is the latest in a string of major retail bankruptcies this month, all emerging in the wake of the coronavirus pandemic.

What they're saying: Hertz locations will remain open for now, and the company says it has over $1 billion in cash on hand to support operations.

"The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the Company's revenue and future bookings. Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity. However, uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action."
— the company said on Friday

Go deeper

MGM Resorts to lay off 18,000 furloughed workers

The Mirage Hotel & Casino on August 27 in Las Vegas, Nevada. Photo: Ethan Miller/Getty Images

MGM Resorts International plans to lay off 18,000 furloughed workers beginning on Monday, the Wall Street Journal reports.

Why it matters: The number represents a quarter of the resort giant's U.S. workforce and highlights how the hospitality sector has been ravaged by the effects of the coronavirus pandemic.

Biden: "Being a cop today is one hell of a lot harder than it's ever been"

President Biden speaks during the 40th Annual National Peace Officers Memorial Service at the U.S Capitolon Oct. 16. Photo: Brendan Smialowski/AFP via Getty Images

President Biden speaking at the U.S. Capitol on Saturday honored members of law enforcement who died in the line of duty in 2019 and 2021 and saluted those who are currently serving.

Driving the news: "We expect everything of you, and it's beyond the capacity of anyone to meet the total expectations. Being a cop today is one hell of a lot harder than it's ever been," Biden said.

Updated 4 hours ago - World

Islamic State claims responsibility for deadly bombing in southern Afghanistan

The mosque after the explosion in southern Kandahar province on Oct. 15. Photo: Murteza Khaliqi/Anadolu Agency via Getty Images

The Islamic State group claimed responsibility for a massive blast that tore through a crowded Shiite mosque in the southern Afghan city of Kandahar on Friday, killing at least 47 people and injuring dozens more, AP reports.

Why it matters: Friday's attack was the deadliest to strike Afghanistan since the U.S. withdrew its troops from the region and is the second major attack on a Shiite mosque in a week, underscoring the Taliban's growing security threat from other militant groups.