Rental car giant Hertz is canceling its plan to sell off $500 million dollars in stock. The Estero-based company filed for Chapter 11 bankruptcy protection last month. On Thursday, the company said its board of directors has decided that not selling off the stock was in the best interests of the company.
Hertz Global Holdings, which also owns the brands Dollar and Thrift has been hit hard by economic shutdowns brought on by the coronavirus pandemic. Last month the company laid off some 12,000 employees and furloughed another 4,000.