Hertz will cut more than 4,000 jobs worldwide

Hertz Global Holdings Inc announced Friday that it will cut more than 4,000 jobs worldwide due to the fall in demand for car rentals as consumers cut back on travel. Hertz shares fell nearly 9 percent after the announcement,

Hertz said that the job cuts will save it anywhere from $150 million to $170 million in 2009. The car rental company said that the cuts are in the car and equipment rental business and other corporate and support areas.

Hertz is estimating 4th quarter net cash flow at $1.75 billion and said that 2008 ended with $4.9 billion in liquidity.

Source: Reuters