Hertz Global Holdings has begun to furlough workers and Avis Budget Group is cutting compensation for executives and senior employees, according to a report in Bloomberg.
According to an internal memo acquired by Bloomberg, Hertz started furloughs on March 21 and is cutting its rental fleet.
Avis is also reducing its vehicle fleet and pausing capital spending, the company announced in a statement on Monday. The statement said reservations have plummeted by 60% for April, with a potential for further decline.
Neither company revealed the number of employees to be laid off.