Canadian leisure agency Cirque du Soleil is to chop 3,500 jobs after putting a deal to keep away from chapter.
The group, greatest identified for its flamboyant touring circuses, stated the coronavirus pandemic had compelled it to cancel reveals and lay off its artists.
The firm will now attempt to restructure whereas shedding about 95% of its workers.
“With zero revenue since the forced closure of all of our shows due to Covid-19, the management had to act decisively,” stated boss Daniel Lamarre.
The agency needed to pause manufacturing of all of its reveals, together with six in Las Vegas, again in March.
Along with its circuses, its additionally has musicals that tour the world together with Michael Jackson One and The Beatles Love.
- Theatre and music figures say roadmap is ‘meaningless’ with out help
- Theatre employee fears cuts will imply profession change
The agency stated it had entered an settlement below which its present shareholders will take over Cirque’s liabilities and make investments $300m (£244m) within the enterprise.
Some $200m of it will take the type of a mortgage from the province of Quebec, the place the agency relies.
It additionally stated shareholders would put aside $20m to offer extra aid to affected staff and contractors.
It stated it supposed to rehire “a substantial majority” of terminated staff, enterprise situations permitting, as soon as coronavirus-related shutdowns had been lifted and operations may resume.
Cirque’s software for chapter safety will probably be heard on Tuesday by the Superior Court of Quebec.