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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.

Crypto leads to massive surge in online scams

Expand chart
Reproduced from FTC; Chart: Axios Visuals

Bogus cryptocurrency investments led to an unprecedented increase in online scams last year, according to new data from the Federal Trade Commission (FTC).

Why it matters: Cryptocurrency is an easy target because while it's surging in popularity, there's still a lot of confusion about how it works.

Tina Reed, author of Vitals
2 hours ago - Health

New clues emerge on long COVID

Illustration: Maura Losch/Axios

The presence of certain autoantibodies or high amounts of coronavirus RNA in the blood could be indicators a patient has a higher chance of developing long COVID, according to a new study in the journal Cell.

  • Other factors include a person having Type 2 diabetes or the reactivation of the Epstein-Barr virus.