Due to the COVID-19 pandemic, Cirque du Soleil filed bankruptcy today (Monday.)
"For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization," says president and CEO Daniel Lamarre, "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."
In March, the circus company was forced to shut down productions all over the world after starting up in 1984 in Quebec City, Canada. The move left 3,500 workers with no job.
A group of existing investors will take over the company for $300 million as well as financially support the laid-off workers.
Some reported financial commitments include:
- $15 million US in financial help for laid-off workers.
- $5 million US to settle outstanding contracts (especially Quebec-based contractors).
- Refunds for shows cancelled because of the pandemic.
Do you think Cirque du Soleil will bounce back and be successful once again?