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Cirque du Soleil files for bankruptcy, lays off 3,480 previously furloughed employees

In an announcement Monday, the Montreal-based company blamed its bankruptcy on the "immense disruption and forced show closures as a result of the Covid-19 pandemic" and is aiming to restructure its debt with assistance from the Canadian government and private equity firms.

The filing comes three months after it temporarily suspended production of its shows, including six in Las Vegas. It also has about 10 shows on tour across the world, including "O," "Michael Jackson One," and "The Beatles LOVE."

Cirque entered a "stalking horse" bid from its largest backers, including a mix of multinational private equity firms from the United States, China and Canada for $420 million. That offer is intended to be a starting point in an auction to draw other bidders.

The company has also received $300 million in fresh funding 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," it said in the release.

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by Anonymousreply 7Last Tuesday at 5:23 AM

"For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization," said Daniel Lamarre, CEO of Cirque du Soleil Entertainment Group in a release. "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."

by Anonymousreply 1Last Monday at 3:26 PM

That sucks. I hate Covid.

by Anonymousreply 2Last Monday at 3:34 PM

Damn, that's a lot of jobs. Plus it's a great company entertaining millions around the world. Hope it can come back.

I thought Trump said everything would bounce back?

by Anonymousreply 3Last Monday at 3:44 PM

In weeks to come your barristas are going to be gymnasts, contortion artists, and clowns.

by Anonymousreply 4Last Monday at 3:58 PM

They have shows all over the world, but this is a big blow to Vegas when it's up and running again.

by Anonymousreply 5Last Monday at 4:07 PM

What a pity.

The very first live show I ever saw in my life was the Millennium Dome London CdS show written by Peter Gabriel. I was only about 6 years old at the time. Perhaps it wasn’t the greatest most astute live stage performance on the planet from a critical adult perspective, but it completely exploded my tiny child brain with wonder and made me fascinated with musical theater and stage storytelling from then on. I have never forgotten seeing it.

I hope they bounce back and find a way to support those creators & performers laid off going forward. Best case future scenario, smaller splinter troupes form from the wreckage and perhaps even a Union takes shape to protect workers.

by Anonymousreply 6Last Tuesday at 5:20 AM

I wonder if any of the male cast members need soothing?

by Anonymousreply 7Last Tuesday at 5:23 AM
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