The Rise and Fall of Cirque du Soleil…How it Happened Part 7 : COVID
Interrupted by COVID and Bankruptcy
When the COVID-19 pandemic hit in March, it was a complete disaster for the Company because they operate in the service and entertainment industry. In March 2020, Cirque du Soleil suspended all their active shows and facing $1 billion in financial debt, they filed for bankruptcy in June 2020.
Fortunately, Cirque du Soleil's story doesn't end in bankruptcy and the company believes in a 2021 revival. In August 2020, the former CEO of MGM Resorts, Jim Murren, and investment company, Catalyst Capital, bought Cirque du Soleil out of bankruptcy with a $375 million investment. The good news is the Company will continue to operate in the future, they’ve reopened a few shows in Asia and South America.
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