Cirque du Soleil Files for Bankruptcy Protection and Lays Off 3,500 Employees

Another 1,300 staff were already terminated earlier this year.

By
Entertainment 
7,556 Hypes 4 Comments

Las Vegas’ iconic production company Cirque du Soleil has now filed for bankruptcy protection, at the same time laying 3,500 of its existing employees. The filing came “in response to immense disruption and forced show closures as a result of the COVID-19 pandemic.” The production was forced to close down all 44 of its shows earlier this year due to the ongoing pandemic, having to lay off a staggering 95 percent of employees at the same time, 1,300 of which were part of the Las Vegas operations, and furloughing roughly 4,700 other staff members.

Cirque du Soleil has now received $300 million USD from its investors, including $200 million USD from its government agency Investissement Quebec to keep operations afloat during the restructuring. $15 million USD will be used for sidelined employees’ benefits, while another $5 million USD is set to be used to pay back contractors. Its $900 million USD debt load from creditors has been reduced but also puts in place a purchase agreement with the company’s current investors.

“The robust commitment from the sponsors — which includes additional funds to support our impacted employees, contractors and critical partners, all of whom are important to Cirque’s return — reflects our mutual belief in the power and long-term potential of our brand,” said Cirque du Soleil CEO Daniel Lamarre. “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.”

In other business-related news, Under Armour is looking to terminate its $280 million USD deal with UCLA.

Read Full Article

What to Read Next

The Weeknd Donates Over $365K USD to Scarborough Health Network
Music

The Weeknd Donates Over $365K USD to Scarborough Health Network

Helping his neighborhood battle the COVID-19 pandemic.

Balenciaga Drops Electrifying Track.2 Sneakers in "Acid Lime"
Footwear

Balenciaga Drops Electrifying Track.2 Sneakers in "Acid Lime"

A wild colorway for the boisterous sneakers.

Lakers Reportedly Looking to Sign J.R. Smith For 2019-2020 Season Restart
Sports

Lakers Reportedly Looking to Sign J.R. Smith For 2019-2020 Season Restart

Expected to replace Avery Bradley.


2020 MTV VMAs to Be Held in New York City
Music

2020 MTV VMAs to Be Held in New York City

Marking the first event at the Barclays Center since COVID-19 hit the city.

Mr. Saturday's SS21 Collection Explores Saturday Night in New York City Back in 1984
Fashion

Mr. Saturday's SS21 Collection Explores Saturday Night in New York City Back in 1984

Titled “Where Life is Just a State of Mind.”

Virgil Abloh-Designed Cover for Pop Smoke's Posthumous Album Scrapped After Backlash
Music

Virgil Abloh-Designed Cover for Pop Smoke's Posthumous Album Scrapped After Backlash

A new cover is now in the works.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.