The global pandemic has been harsh in general and in particular for the entertainment industry. And baring its brunt is one of the most famed brands in the sector- Cirque du Soleil. The Montreal-based circus company recently announced its decision to lay off over 95% of its staff while it continues to deal with financial doldrums during the pandemic.
Known for its regular shows in Las Vegas venues, Cirque du Soleil has been forced to cancel most of its events because of the coronavirus outbreak. The company has decided to lay off a majority of its 4,679 staff while retaining only 259 employees to maintain “basic operations” and to plan for future tours. It is currently exploring debt restructuring options that include a potential bankruptcy filing and is said to be roughly $900 million in debt.
Commenting on it, co-founder of the company – Guy Laliberté in a statement said, “We have no choice but to accept that the current global instability is pushing companies to take drastic measures to ensure their long-term sustainability. This climate of uncertainty, unfortunately, affects the entire entertainment industry and the Cirque du Soleil is no exception. Let us hope that this situation is resolved quickly and produces a positive outcome for all.” Cirque du Soleil has suspended all its shows and touring productions for now, and is running on nothing but hope at the moment!