The move also sets a “stalking horse” purchase agreement with current investors, led by TPG Capital. The empty headquarters of Cirque du Soleil in Montreal. In a move that would have been unheard of even a year ago, Cirque du Soleil, the Las Vegas Strip’s preeminent production company for more than two decades, has filed for bankruptcy protection. Sign up for our free newsletter with the latest updates. In a move that would have been unheard of even a year ago, Cirque du Soleil, the Las Vegas Strip’s preeminent production company for more than two decades, has filed for bankruptcy. “There aren’t a lot of LinkedIn listings for unemployed contortionists,” Mr. Garber observed. Its live-action Las Vegas show “R.U.N,” which cost $60 million to develop, closed in March after just five months, weighed down by banal stunts and fight scenes. “The robust commitment from the sponsors — which includes additional funds to support our impacted employees, contractors and critical partners, all of whom are important to Cirque’s return — reflects our mutual belief in the power and long-term potential of our brand,” he said. A recent injection of $50 million from its shareholders had bought some time. Cirque du Soleil, creator of many of the most popular shows in Las Vegas, said Saturday, March 14, 2020, that it is temporarily suspending its productions in Las Vegas as well as around the world because of the new coronavirus outbreak. Key Points Cirque du Soleil CEO Daniel Lamarre told CNBC he hopes the circus company's shows in Las Vegas will be the first to return when the coronavirus pandemic permits. Our priority has always been and remains the health and safety of our artists, partners and various employees, but also of our public. (Cirque du Soleil), Circa’s famed ‘MoDot’ has left the building, $251K table game jackpot hits at Strip casino, Las Vegas Strip cook dies weeks after being hospitalized with COVID-19, Traffic at California-Nevada border rebounds since COVID-19 began. Cirque was already in talks with its Korean and Chinese partners about reopening shows. “Our world changed overnight,” he said. 1:28 PM PDT 3/15/2020 Cirque du Soleil, warning that show closures left the entertainment brand “with limited prospects for a tenable capital structure thereafter.”, : “As we speak today, there is no revenue coming in for the company, and I don’t know when it will come back, which is why we’re doing what we are doing. The coronavirus has pulverized the famed circus, forcing it to shut down dozens of shows and grounding its small army of circus artists. (Las Vegas Review-Journal/File), The cast of "O" celebrated its 10,000th performance at Bellagio on Sept. 1, 2019. He’s just not as demonstrative as his brother and business partner, Derek Stevens. FACEBOOK Greg Stevens isn’t quite the silent partner in the Circa empire. John Katsilometes’ column runs daily in the A section. Cirque du Soleil, creator of many of the most popular shows in … The empty headquarters of Cirque du Soleil in Montreal. But people familiar with talks over Cirque’s future said he had sold his shares in the company and was unlikely to buy it back. Love.". All Rights Reserved, This is a BETA experience. In a statement, the company said it made the decision based on public health authorities calling for people to limit their social interactions to stop the spread of the virus. : The coronavirus pandemic has had a devastating impact on the entertainment sector. Contact him at [email protected]. How to get news from 13 Action News on your Amazon Echo. Those protocols and measures will be communicated in due course. Further Reading: Inside Cirque Du Soleil founder Guy Laliberté's plan to create another entertainment phenomenon — August 2019. I joined Forbes as the European News Editor and will be working with the London newsroom to define our coverage of emerging businesses and leaders across the UK and Europe. Terms of Use | We have laid off most of our employees and we will keep just a small fraction of employees to be able, whenever the situation is stabilized, to come back in a short period of time,” said Cirque CEO Daniel Lamarre in an interview with the Montreal Gazette. Taking into consideration the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC) recommendation for social distancing, the Group has taken several measures to respond to the escalation of the Coronavirus (COVID-19) pandemic. “R.U.N” was presented by Cirque in Las Vegas last November. Get more information about us and buy tickets for shows at Las Vegas! If you have any questions, please contact [email protected]. Scores of high-profile concerts and festivals have been cancelled and the Las Vegas Strip shut down for the first time in a bid to slow the spread of the pneumonialike virus. Taking into consideration the World Health Organization (WHO) and the Centers for Disease Control and … “I look forward to rebuilding our operations and coming together to once again create the magical spectacle that is Cirque du Soleil for our millions of fans worldwide.”. The seven performers had recently returned from a … Cirque’s other shareholders are the Chinese investment company Fosun and a Quebec pension fund. Mr. Lamarre said Cirque was considering all options including seeking bankruptcy protection. Cirque Du Soleil Billionaire Guy Laliberté In Custody For Growing Cannabis — November 2019, Full coverage and live updates on the Coronavirus, I joined Forbes as the European News Editor and will be working with the London newsroom to define our coverage of emerging businesses and leaders across the UK and. “We can’t function without fans.”. The company has since spent $550 million on acquisitions, creating new shows and refreshing existing productions. As borders closed, Cirque had to race to load big-top equipment onto giant cargo planes and repatriate 2,000 employees. I started my career in London as a financial journalist with Citywire and my work has appeared in the BBC, Sunday Times, and many more UK publications. If you have any questions, please contact the appropriate customer service: All customers who purchased tickets for an impacted Cirque du Soleil show will be contacted by their initial point of sale. Daniel Lamarre, Cirque’s chief executive, said he initially thought the health crisis would be contained to China, where Cirque was forced in late January to close its recently opened show “The Land of Fantasy” in Hangzhou, a keystone of its vaunted China expansion. Privacy | EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Inside Cirque Du Soleil founder Guy Laliberté's plan to create another entertainment phenomenon — August 2019, Cirque Du Soleil Billionaire Guy Laliberté In Custody For Growing Cannabis. By agreeing to the use of cookies on our site, you direct us to disclose your personal information to our third party service providers for the purposes for which we collect your information. | Cookie Settings. Plunge into O, the original water show from Cirque du Soleil, presented at the Bellagio in Las Vegas. She passes the time reading self-help books, doing yoga and training up to three hours a day. Copyright 2020 Scripps Media, Inc. All rights reserved. Also Saturday, the long-running Penn & Teller comedy/magic show has been canceled, effective immediately. Crucial comment: “As we speak today, there is no revenue coming in for the company, and I don’t know when it will come back, which is why we’re doing what we are doing. Topline: The coronavirus pandemic has had a devastating impact on the entertainment sector. What happens if my show is postponed or cancelled? Nasuna Stuart-Ulin for The New York Times. TWITTER For this reason, and until further notice, Cirque du Soleil Entertainment Group has suspended its shows temporarily. The Cirque had more than $1 billion in revenues last year — although now it also has nearly $1 billion in debt. We have laid off most of our employees and we will keep just a small fraction of employees to be able, whenever the situation is stabilized, to come back in a short period of time,” said Cirque CEO Daniel Lamarre in an interview with the. The filing also allows the company protection from creditors to reduce its debt load, reported to be at least $900 million. About Our Ads “I can’t wait to get back to Cirque but we have no idea when the world will be ready to go see live shows again.”. It has arrived, appropriately wrapped as a Christmas present. © 2020 Forbes Media LLC. Laliberté sold much of his 90% stake in the business to private equity firm TPG Global for $1.5 billion in 2015. All rights reserved, [email protected], For X – The Land of Fantasy, please call us at. Email me story ideas, or tips, to [email protected], The company, which has six productions on the Strip, announced Monday morning from its headquarters in Montreal it was seeking a debt restructuring protection under its home country’s Companies’ Creditors Arrangement Act (CCAA). Performers defy the surly bonds of earth at The Royal Albert Hall during Cirque du Soleil's “Luzia” ... [+] on January 15, 2020, in London. Olivier Sylvestre, a 29-year-old Cirque performer, recently took his “German wheel” out for a spin for the first time in months after he had stored it in a closet in his cramped apartment. Olivier Sylvestre, 29, spent a decade mastering the “German wheel,” two conjoined giant hoops in which he rolls with balletic athleticism. In the space of weeks, it was forced to shutter 44 shows in dozens of cities, from Las Vegas to Hangzhou, and has temporarily laid off nearly 5,000 employees — 95 percent of its work force — and stopped payments to dozens of show creators. The Montreal-based circus producer announced it would lay off 95% of its 4,679 staff on March 19, 2020. Now one of the biggest brands in the sector, Cirque du Soleil, has announced thousands of … Laliberté sold much of his 90% stake in the business to private equity firm TPG Global for $1.5 billion in 2015. Like us on Facebook. Cirque du Soleil announced on March 14, 2020, that it would suspend its shows on the Las Vegas Strip on March 15, after suspending its touring productions on March 13. Now one of the biggest brands in the sector, Cirque du Soleil, has announced thousands of layoffs after shutting down its circus-based spectaculars. All rights reserved. “Cirque makes people dream, and people need that more than ever.”. Cirque du Soleil shows in Austin; Chicago; Houston; New Orleans; Salt Lake City; Montreal; Boston; Tel Aviv; Meloneras, Spain; Munich; Costa Mesa, California; Denver; and the Australian cities of Melbourne, Adelaide and Perth have also been cancelled. Even before the pandemic, the sprawling company was struggling with bloat and creative fatigue after a consortium led by an American private equity firm acquired it in 2015, and accelerated a debt-fueled global expansion spree. There has been no specified strategy from the company for when, how or even if all of its shows will reopen on the Strip. The Las Vegas Raiders owner was among those in attendance at the grand opening of Circa. Don't miss one of the best things to do in Las Vegas! More than 20 performers -- ranging from the age of nine to adult -- from Trapeze Las Vegas masked up, socially distanced and held an outdoor performance. Late Saturday night, magician David Copperfield, another Las Vegas mainstay, tweeted that he is suspending his shows. MONTREAL — Until the coronavirus pandemic hit, the Mongolian contortionist Uranbileg Angarag wowed spectators nightly at Cirque du Soleil shows on a cruise ship, contorting her body into a ball and balancing on a vertical stick held in her mouth. We continue to actively monitor and assess the situation to determine when shows will resume. “No one had ever modeled what we would do if we lost 100 percent of our revenue,” said Mitch Garber, Cirque’s chairman, comparing the pandemic to the Great Depression for the live entertainment industry. , after suspending its touring productions on March 13.

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