Avis Loses $1 Billion, Fires 700 Employees
Reuters is reporting that Avis is getting hit by the slowing economy. Perhaps even more than retailers, vacation-related businesses really take a beating when the economy gets rough, and just like hotels are getting slammed, so too are car rental companies. They say that the “workforce reductions” should save $50 million/year. Against a $1 billion loss, that sounds like a worthwhile way to ruin 700 lives. (Avis CEO Ronald Nelson only made $2.15 million last year before taxes). So much for trying harder.
Warning: Video contains profanity