The iconic Cirque du Soleil, directly affected by the new pandemic coronavirus, announced today that it has applied for judicial protection against its creditors in order to restructure itself.
However, the group admits that it plans to lay off some 3,400 workers who were already on leave – the company currently employs 4,000 people, including 1,300 artists from 50 different countries.
The group obtained, in parallel to the court order, a purchase agreement by its current shareholders.
These are funds from US and Chinese investors as well as Québec’s pension fund manager Caisse de dépôt et placement, with the aim of being auctioned later, it said in a statement.
“With zero profit since the forced closure of our shows due to covid-19, the board had to act decisively to protect the future of the company,” said Daniel Lamarre, president and CEO of the group.