Car-rental giant Hertz is laying off 10,000 employees in North America in the wake of the coronavirus's massive hit to tourism, the company said Tuesday.

Hertz said the downsizing, equivalent to 26.3 percent of its global workforce, was necessary following increased cancelations and declining forward bookings as travel and tourism slows to a crawl.

The layoffs at Hertz will affect more than 26 percent of its total workforce
The layoffs at Hertz will affect more than 26 percent of its total workforce GETTY IMAGES NORTH AMERICA / Cole Burston

The company disclosed the job cuts in a securities filing, saying the cuts were effective April 14 for non-union staff and April 21 for unionized workers.

Hertz expects to spend $30 million connected to the action, mostly on severance payments.

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