Cirque du Soleil files for bankruptcy
Cirque du Soleil has today revealed the true impact that the pandemic has had on business.
The Montreal-based circus company has been forced to file for bankruptcy protection after a devastating loss of revenue.
All 44 of the company's productions were halted when COVID-19 shuttered theatres across the globe.
The Quebec Superior Court will hear the company's application for bankruptcy protection on Tuesday.
"For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization," said president and CEO Daniel Lamarre in a statement announcing the news.
"However, with zero revenues since the forced closure of all of our shows due to COVID-19, management had to act decisively to protect the company's future."
Hang in there Cirque du Soleil 😓— Kaia (@claresmymiddle) June 29, 2020
Cirque du Soleil has entered into an agreement with a group of its top investors, including the Quebec government's investment wing, as part of a restructuring plan aimed at improving the company's sustainability.
The sponsors intend to invest $400 million of liquidity into the company, helping it to emerge stronger than ever before.
Cirque du Soleil was forced to fire 4,679 employees at the beginning of the pandemic.
Earlier this month, artists from the performance troupe held a protest outside their marquee in Montreal’s Old Port over allegations that they are owed nearly $1.5 million.
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