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Entertainment Cirque du Soleil Files for Bankruptcy, Axes 3,500 Employees Worldwide

02:42  30 june  2020
02:42  30 june  2020 Source:   thewrap.com

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Cirque du Soleil has filed for bankruptcy protection and terminated thousands of jobs as they attempt to cope with the impact of the coronavirus pandemic. Along with the financial agreements, Cirque du Soleil announced that the approximately 3 ,480 employees who were furloughed in March would now

Canadian entertainment firm Cirque du Soleil is to cut 3 , 500 jobs after striking a deal to avoid bankruptcy . It said it intended to rehire "a substantial majority" of terminated employees , business conditions allowing Cirque du Soleil files for creditor protection in Canada. PA Media: World News.

blue man group cirque © TheWrap blue man group cirque

Cirque du Soleil has filed for Chapter 15 bankruptcy protection in order to restructure its capital structure and has been forced to layoff just shy of 3,500 of its employees, the acrobatic entertainment company announced on Monday.

The company said that it has brought in zero revenue since COVID-19 forced the French-Canadian circus group to shut down all of its performances, including six in Las Vegas and suspend 44 of its live shows internationally back in March.

The cuts of 3,480 employees come from the over 4,600 individuals who were furloughed back in March, with multiple reports saying that Cirque du Soleil is nearly $1 billion in debt.

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Cirque du Soleil has filed for bankruptcy protection just three months after temporarily canceling dozens of its flashy acrobatic shows worldwide because of the coronavirus pandemic. The Canadian company said it plans to fire about 3 , 500 circus workers and back-office employees as part of a

(Bloomberg) -- Cirque du Soleil Entertainment Group filed for bankruptcy protection after the coronavirus pandemic forced it to close shows around the world , bringing one of the best-known brands in live performance to its knees.The Montreal-based company, controlled by private equity giant TPG

"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," Daniel Lamarre, president and CEO of Cirque du Soleil Entertainment Group, said in a statement. "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."

Cirque du Soleil has now entered into a "stalking horse" bid from private equity backers in the U.S., Canada and China of $420 million that aims at drawing other bidders in an auction. The organization also received $300 million in funding as relief for affected employees, as well as assume some of its outstanding liabilities.

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June 29 (Reuters) - Canada's Cirque du Soleil Entertainment Group filed for bankruptcy protection on Monday as the COVID-19 pandemic forced the famed circus operator to cancel shows and lay off its artistes. The Montreal-based entertainment company, which runs six shows in Las Vegas

Cirque du Soleil announced Monday it is filing for bankruptcy protection as the coronavirus pandemic continues to rattle the world . Its application will be heard by the Superior Court of Quebec on Tuesday. Once given this initial order, it will file for Chapter 15 bankruptcy protection in the U.S.

Cirque du Soleil also issued a statement on Twitter as well as an FAQ, saying that tickets to suspended shows are still valid, even though all shows, with the exception of "The Land of Fantasy" that reopened in China on June 3, are still postponed.

Among the Las Vegas shows impacted by the closing of the theaters were "Mystère" at Treasure Island, "O" at the Bellagio, "Zumanity" at New York New York, "KÀ" at the MGM Grand, "The Beatles LOVE" at The Mirage, "Michael Jackson ONE" at Mandalay Bay and "Blue Man Group."


Gallery: Las Vegas reopens hotels, casinos: Photos (USA TODAY)

a man wearing a costume: A man plays craps at the reopening of the Bellagio hotel and casino Thursday, June 4, 2020, in Las Vegas. Casinos in Nevada were allowed to reopen on Thursday for the first time after temporary closures as a precaution against the coronavirus.

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