After almost 40 years of activity and shows all over the world, the Cirque du Soleil has filed for bankruptcy. The COVID-19 pandemic left the company with massive debt, and they hope that with this decision they can save the future of the activity.
“For the past 36 years, Cirque du Soleil has been a highly successful and profitable organization,” CEO Daniel Lamarre said in a statement. “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, Chairmain and Ceo of the Cirque du Soleil Entertainment Group.
The group was forced to cancel more than 44 shows all over the world that 5 thousand people without a job. The deal proposed by the fund that owns the circus company since 2015, when the founder Guy Laliberté sold all his stocks, request an investment of 300 million dollars from its stockholders: TPG, Fosun, Caisse de dépôt et placement du Québec, and Investissement Québec. After cancelling its depts, the creditors should receive 45% of the properties. The famous show company, founded in Canada in 1984, offered a new and original concept of a circus that gained them an enormous success: no animals, just acrobatics, dances, beautiful costumes and set designs, live music and great storytelling.