The Canadian-based circus which has shows playing all round the world 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 investment.
The announcement 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.
Cirque du Soleil has debts of nearly $1 billion according to multiple reports. Consequently about 3,500 employees have been laid off.
Daniel Lamarre, CEO of Cirque du Soleil Entertainment Group said, “For the past thirty-six 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.”
We reviewed the Cirque show TOTEM in The Hague last year. You can read that review here and listen to the ArtsTalk Radio programme dedicated to Cirque du Soleil