Cirque Du Soleil Files for Bankruptcy Amid COVID-19 Pandemic

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Due to the COVID-19 pandemic, Cirque du Soleil filed bankruptcy today (Monday.)

In March, the circus company was forced to shut down productions all over the world, leaving 3,500 workers with no job.

The Las Vegas shows that were cancelled included O at the Bellagio, KA at MGM Grand, The Beatles LOVE at the Mirage, Mystere at Treasure Island, Zumanity at New York-New York and Michael Jackson ONE at Mandalay Bay.

Cirque du Soleil shows in Austin, Texas, Chicago, Houston, New Orleans, Salt Lake City, Montreal, Boston, Tel Aviv, Meloneras, Spain, Munich, Costa Mesa, Denver, and the Australian cities of Melbourne, Adelaide and Perth have also cancelled.

'With zero revenue since the forced closure of all of our shows due to COVID-19, the management had to act decisively to protect the Company's future,' said CEO Daniel Lamarre.

A group of existing investors will take over the company for $300 million as well as financially support the laid-off workers.

It is said the sponsors´ bid includes an intent to rehire a most of the employees let go. Only business conditions allow for it, when its operations can resume.

The company added that given that its resident shows in Las Vegas and Orlando are expected to resume before any other show takes place. According to reports, the artists and show staff of the resident shows division are not affected.

Cirque is drowning in nearly $1 billion in debt, according to CNN Business.

For more information please read here.

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