Cirque du Soleil cuts 3,500 positions to stay clear of bankruptcy

Cirque du Soleil cuts 3,500 jobs to avoid bankruptcy

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Canadian entertainment agency Cirque du Soleil is to minimize 3,500 work just after striking a offer to steer clear of bankruptcy.

The team, ideal known for its flamboyant touring circuses, mentioned the coronavirus pandemic had compelled it to cancel displays and lay off its artists.

The business will now check out to restructure even though shedding about 95% of its staff members.

“With zero earnings considering that the pressured closure of all of our exhibits owing to Covid-19, the administration had to act decisively,” said boss Daniel Lamarre.

The business had to pause production of all of its shows, like 6 in Las Vegas, again in March.

Alongside with its circuses, its also has musicals that tour the world which include Michael Jackson A single and The Beatles Love.

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The company stated it had entered an settlement under which its existing shareholders will take about Cirque’s liabilities and spend $300m (£244m) in the enterprise.

Some $200m of this will get the sort of a personal loan from the province of Quebec, where the organization is primarily based.

It also said shareholders would set apart $20m to give supplemental reduction to afflicted staff members and contractors.

It reported it supposed to rehire “a considerable majority” of terminated staff members, small business disorders enabling, after coronavirus-similar shutdowns ended up lifted and operations could resume.

Cirque’s software for personal bankruptcy security will be heard on Tuesday by the Superior Court docket of Quebec.

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Cory Weinberg

About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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