Friday, January 16, 2009

Layoff Watch: Hertz Laying off 4,000 Workers

Hertz is firing a lot of very bored, airport rental lot operators. The heavily leveraged auto rental company (CDS in the 1250's last time we cared), is hoping firing a third of its workforce (as compared to August 2006) will make it profitable. Nonetheless, Mark Frissora, CEO, is not unduly optimistic: "Volume, pricing and residual values continued to decline during the most recently completed quarter, and we cannot predict when our markets will improve." He adds total liquidity at Dec. 31, 2008 was $4.9 billion, so Hertz will likely not be on our Death Watch any time soon (although we have been surprised in the past). Sphere: Related Content
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