Advantage Rent-A-Car files for Chapter 11 bankruptcy

Advantage Rent-A-Car has filed for Chapter 11 bankruptcy protection and said it will close about 40 percent of its U.S. retail locations. The car rental company also said that it will lay off 440 workers which is almost half of its workforce.

Advantage said that it will continue operating at its remaining locations during the bankruptcy and is exploring a possible sale or merger. Advantage, like other car-rental companies have been hurt by the sluggish economy and a cut in consumer spending on travel.

The 21 locations that Advantage is closing will remain open for return of vehicles only. They will not rent out any additional vehicles.

We’d like to take this opportunity to thank Advantage for renting us a Hyundai Sonata even though we booked a Chevrolet Malibu during the 2008 LA Auto Show. Oh, and we’d also like to thank them for charging us an additional $243 for being under 24.

Source: AOL Money (via AutoBlog)