Cirque du Soleil Is Filing for Bankruptcy
The entertainment company is letting go of around 3,500 staff members.
(SPOT.ph) One of the world's most popular entertainment companies is struggling to keep afloat amid the pandemic. Cirque du Soleil has announced that they have filed for bankruptcy protection in Québec, Canada—where its headquarters is based in the City of Montréal—and the U.S. The company also has plans of officially laying off 3,480 employees previously furloughed in March, after multiple government-mandated shutdowns across the globe prevented them from staging their shows.
These measures are all in a push to restart their business. Funds worth U.S. $300 million have been agreed upon by stakeholders, partly in government loans from Québec, to aid the company's restructuring as well as pay off any liabilities. Around U.S. $15 million will be set aside as assistance funds for employees who have been let go, with a promise to rehire a majority of them once the ban on gatherings has been lifted and they can continue with their shows.
Meanwhile, the show's division in Las Vegas and Orlando in the U.S. are expected to resume operations earlier than others. Employees here will not be affected by the measures, according to the company.
"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, head of the Cirque du Soleil Entertainment Group in a statement. Lamarre also noted that Cirque du Soleil has been a major presence for more than three decades now.
Cirque du Soleil has brought their fanstastical acrobatic shows to Philippine shores more times than we can count. They brought James Cameron's Avatar to life on Mall of Asia Arena stage through Toruk: The First Flight in 2017. Fingers crossed we get to see them again at some point in the future!