Las Vegas Strip

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by @ash
2020-06-29T19:00:01+00:00
Business • Economy
Cirque du Soleil files for bankruptcy
Cirque du Soleil files for bankruptcy
Credit: Elemaki / CC BY (Creative Commons Attribution 3.0)

Cirque du Soleil has filed for creditor protection under the Companies' Creditors Arrangement Act in Quebec, Canada on Monday. The Montreal-based company stated that the Covid-19 pandemic had caused "immense disruption and forced show closures," including six shows in Las Vegas and 10 shows on tour worldwide.

"For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization. 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," so president and CEO Daniel Lamarre said in a statement.

Cirque du Soleil has received $300 million in funding from Quebec's major institutional investors and multinational private equity firms to "support a successful restart, provide relief for Cirque du Soleil's affected employees and partners, and assume certain of the company's outstanding liabilities."

The company also announced the termination of approximately 3,480 employees previously furloughed in March.