Cirque du Soleil announced financial problems due to coronavirus

Canadian circus company Cirque du Soleil was on the verge of bankruptcy due to cancellation of performances in connection with the coronavirus. To avoid this, it will have to restructure its business, the company’s press office said.

The circus will be financially supported by the American investment company TPG, Chinese financial and industrial conglomerate Fosun and Canada’s second largest pension fund Caisse de dépôt et Place du Québec. Three investors will create funds to support employees and contractors and to restart circus programs. Despite this, the company is still waiting for massive cuts. Almost 3,500 people will be laid off with compensation. After the situation is normalized and the work is resumed, they plan to be taken back.