Cirque du Soleil files for bankruptcy and terminates 3480 employees

2 days ago in "Cirque du Soleil"

Cirque du Soleil has today announced that it has filed for bankruptcy and will terminate 3480 employees who were previously furloughed.

The company was forced to shutdown all of its productions due to COVID-19, and it is not yet clear on what the future is of those shows, including the new show at Disney Springs - Drawn to Life.

Cirque received $300 million in new funding as part of a plan to restart.

“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,” said Daniel Lamarre, President and CEO of Cirque du Soleil Entertainment Group. “The Purchase Agreement and SISP provide a path for Cirque to emerge from CCAA protection as a stronger Company. The robust commitment from the Sponsors – which includes additional funds to support our impacted employees, contractors and critical partners, all of whom are important to Cirque’s return – reflects our mutual belief in the power and long-term potential of our brand. I look forward to rebuilding our operations and coming together to once again create the magical spectacle that is Cirque du Soleil for our millions of fans worldwide.”

The company has 44 shows around the world, and has been a resident of Disney Springs since 1999. Cirque and Disney began selling tickets for Drawn to Life in August last year for preview shows beginning March 20 2020. The show was then planned to officially open April 17 2020 with tickets costing $62 up to $152 depending on seating.

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Article Posted: Jun 29, 2020 / 3:49pm ET