This is in response to coronavirus, as the pandemic has forced the cancellation of all shows.
The head of the company says it’s the only way to protect the company’s future since they’ve been forced to close all of their shows recently.
The company took to social media Monday to offer answers and provide support to patrons who may have purchased tickets to upcoming shows.
“As we move forward, we know that you will have questions and we will continue to share information with you. If you already have tickets, these remain valid,” Cirque tweeted.
As a necessary part of its restructuring and eventual plans to restart operations, Cirque du Soleil announced critical steps related to employees, including the termination of employment of approximately 3,480 employees previously furloughed in March following the halt in revenue caused by the government-mandated shutdowns in response to the COVID-19 pandemic.
Cirque hopes by entering a purchase agreement with investors to help restart business and help employees.
Under this proposed purchase agreement, the sponsors will inject $300 million of liquidity into the restructured business to support a successful restart
They’re also looking to raise at least $20 million from their biggest backers. under the new restart plan.