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Cirque Du Soleil files for bankruptcy protection, fires nearly 3,500 employees

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FILE – In this Feb. 10, 2012, file photo, members of the cast from The Beatles “LOVE” by Cirque du Soleil perform at the MusiCares Person of the Year gala honoring Paul McCartney in Los Angeles. Cirque du Soleil, creator of many of the most popular shows in Las Vegas, said Saturday, March 14, 2020, that it is temporarily suspending its productions in Las Vegas as well as around the world because of the new coronavirus outbreak. (AP Photo/Chris Pizzello, File)

TAMPA (WFLA/KLAS) – Cirque du Soleil Entertainment Group (Cirque), a world leader in live entertainment, announced Monday it has filed for bankruptcy protection.

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.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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