3,500 Jobs Lost as Cirque du Soleil Declares Bankruptcy and Health Crisis Stifles the Creative Industries

Today has been a sad day for the cultural industries whose progression has been stifled by the health crisis, more specifically, the Cirque du Soleil has been the latest entity to declare bankruptcy as 3,500 jobs have been lost.

Cirque du Soleil, one of the most international entertainment institutions in Canada and the province of Quebec, has asked the Provincial Superior Court to restructure the company, which was already facing financial difficulties before the Covid-19 outbreak.

Cirque du Soleil President and CEO Daniel Lamarre stated that “for the past 36 years, Cirque du Soleil has been a very successful and profitable organization”.

However, “with no revenue since the forced closure” of all its shows due to Covid-19, management “has been forced to act decisively and protect the future of the company”.

The company has a debt of about 900 million dollars but has announced that it intends to “rehire a substantial majority of the laid-off employees once economic conditions allow” for this.