FILE PHOTO: The logo of the American car rental company Hertz is seen at the Nantes-Atlantique airport in Bouguenais near Nantes, western France, April 7, 2016. REUTERS/Stephane Mahe

(Reuters) - U.S. car rental company Hertz Global Holdings Inc HTZ.N said on Monday it plans to lay off 10,000 employees across its North America operations to cut costs amid the economic fallout of the COVID-19 pandemic.

Hertz had about 38,000 employees as of Dec. 31, 2019, of which 29,000 were at its U.S. operations.

The company, which counts billionaire investor Carl Icahn as its largest shareholder, will incur employee termination costs of about $30 million, it said in a regulatory filing. (bit.ly/2XOWUEu)

The terminations were effective April 14 for non-union employees and effective April 21 for union employees, the company said.

Late last month, Hertz said it was implementing furlough programs across its North America operations to cope with slowing demand for its services. (bit.ly/3cBCi6K)

“Like the rest of the global travel sector, COVID-19’s impact on Hertz arrived swiftly, and the reversal in customer demand has been significant,” Chief Executive Officer Kathryn Marinello said in March.

The company also said last month it hoped to bring back as many team members as possible once global travel rebounds.