- Dec 9th 2008 at 6:00PM
Advantage Rent-A-Car files for Chapter 11
Privately-held Advantage Rent-A-Car has filed for Chapter 11 bankruptcy protection and is closing almost half of its locations nationwide. Punished by, of course, tight credit, the company has also suffered from higher costs and lower revenue because of reduced consumer travel (a.k.a. the "staycation"). The company isn't closing its doors just yet, but rather looking into various options for itself and its 14 remaining affiliates, "including a sale or merger." In the mean time, it has made arrangements with Hertz to fulfill its pending rentals. With all these towels getting thrown in, there's going to be a shortage of cotton soon...
[Source: AOL Money]