Cirque du Soleil Entertainment Group filed for bankruptcy on Monday.
The company filed for bankruptcy protection in Canada in an effort to restructure operations after the cancellation of numerous shows due to the coronavirus outbreak. The company said it will also be laying off about 3.840 employees that were furloughed in March. Investors will set up two funds worth $20 million to offer additional relief to affected employees and independent contractors.
Cirque du Soleil Entertainment Group filed for bankruptcy protection in Canada on Monday in an effort to restructure its operations as it faces pressure from closed shows due to the coronavirus pandemic. Investment firms TPG, Fosun Group and Caisse de Depot et placement du Quebec have submitted a proposal to buy the circus company’s assets.