NEW YORK (CBSNewYork) – The rental-car company Hertz, hit hard by the pandemic, has filed for bankruptcy protection.

The Florida-based company blames major debt and a drastic drop in business.

Hertz says it plans to stay in business and restructure its debts.

The company has already tried to stem some losses by letting go of 12,000 employees in North America.

Hertz is the world’s largest car rental company.

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