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

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