Hertz paid out millions of dollars in bonuses to its executives just before its bankruptcy — and a month after it started laying off thousands of employees
Retention bonuses are typical for bankrupt companies that want to prevent their management from abandoning ship. But they're always awkward: the company can't pay its employees or its debts to lenders, but it prioritizes payments to its already handsomely paid bosses.Hertz paid a total of $16.2 million to 340 executives on May 19 as part of a plan to keep them in place while the company attempts to reorganize, the company announced in a filing with the Securities and Exchange Commission.
Read MoreStill, paying bonuses to executives isn't a great look. The car rental company let go of 14,300 of its workers since April 14 -- nearly half its staff. Hertz has serious financial problems that have been exacerbated by the plunge in air travel in recent months because of the coronavirus pandemic.Additional job losses are probably coming at Hertz. The company's press release Friday night said it planned to close an undisclosed number of its locations away from airports.
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