The Montreal-based entertainment company, which runs six shows in Las Vegas, has struggled to keep its business running amid coronavirus restrictions that started in March, forcing it to lay off about 95% of its workforce and temporarily suspend its shows. "With zero revenue since the forced closure
- Canada's Cirque du Soleil Entertainment Group filed for bankruptcy protection on Monday as the COVID-19 pandemic forced the famed circus operator to cancel shows and lay off its artistes.
"With zero revenue since the forced closure of all of our shows due to COVID-19, the management had to act decisively to protect the company's future," Chief Executive Officer Daniel Lamarre said. As part of the investment, government body Investissement Québec will provide $200 million in debt financing.
TPG, Fosun and the Canadian pension fund, which have held a majority stake in the entertainment company since 2015, will also be responsible for a $15 million employee fund to provide financial assistance to laid-off employees.
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