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Cirque du Soleil files for bankruptcy and cuts 3,500 jobs

Cirque du Soleil files for bankruptcy and cuts 3,500 jobs

Old Jun 29, 20, 2:35 pm
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Cirque du Soleil files for bankruptcy and cuts 3,500 jobs

https://www.cnn.com/2020/06/29/busin...tcy/index.html

In an announcement Monday, the Montreal-based company blamed its bankruptcy on the "immense disruption and forced show closures as a result of the Covid-19 pandemic" and is aiming to restructure its debt with assistance from the Canadian government and private equity firms.

The filing comes three months after it temporarily suspended production of its shows, including six in Las Vegas.
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Old Jun 29, 20, 4:31 pm
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Wow...so sad.
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Old Jun 29, 20, 10:28 pm
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ouch.

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Old Jun 30, 20, 7:11 am
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The good news is that multiple entities seem to be interested in the company. According to this Bloomberg article, it's expected that the proposal will be rejected by the creditors and that they will have a counter offer.

The filing starts the clock on a bidding process for control of a restructured Cirque. Quebecor Inc and Cirque founder Guy Laliberte have expressed interest in investing in the company.

"We know there are probably five other parties that will be interested to make an offer," [Chief Executive Officer Daniel] Lamarre said. "The good news today is that we know that someone is committed to ensure the future of the company. And within 45 days, we'll know if someone is willing to invest even more."
https://www.bloomberg.com/news/artic...wing-shutdowns

Having Guy Laliberte back as part of the company would be a huge positive in my book. The company really needs to get back to basics and having the founder there would help. I'm a huge fan but every show I've seen since Laliberte left has been "meh" to me.

As far as the Las Vegas shows go, I'm betting at least two close for good. My guess is that Ka is almost certainly history. The massive sets used in the production must be wildly expensive to operate.

The other two on the chopping block are probably The Beatles Love and Zumanity. As time passes, I imagine the draw of The Beatles' music isn't what it was 14 years ago when the show opened. Additionally, I bet Cirque du Soleil is paying a healthy percentage of the profits just for the rights to use the music.

Zumanity just might survive due to the fact that the theatre is small (1,261 seats vs 1,950 for Ka and 2,013 for Love). The production also doesn't depend on expensive sets. Plus, the adult themes do fit well into the Vegas experience.

Finally, I hope I'm wrong, but I expect to see the live bands disappear. They do need the ability to vamp in order to sync some musical climaxes with the actions of performers. But, they can probably do that using a computer run by a single person.
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Old Jun 30, 20, 12:50 pm
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Originally Posted by writerguyfl View Post
As far as the Las Vegas shows go, I'm betting at least two close for good. My guess is that Ka is almost certainly history. The massive sets used in the production must be wildly expensive to operate.

The other two on the chopping block are probably The Beatles Love and Zumanity. As time passes, I imagine the draw of The Beatles' music isn't what it was 14 years ago when the show opened. Additionally, I bet Cirque du Soleil is paying a healthy percentage of the profits just for the rights to use the music.

Zumanity just might survive due to the fact that the theatre is small (1,261 seats vs 1,950 for Ka and 2,013 for Love). The production also doesn't depend on expensive sets. Plus, the adult themes do fit well into the Vegas experience.
I would also see MJ One closing for the same reason as Love -- I'm guessing the music rights are expensive.

O should continue; I think it is probably one of the more popular shows and at Bellagio it is probably going to remain strong.

I would be totally fine with Mystere closing, but since it is at TI (not an MGM property), I am betting that it will remain.

No clue about the impact of Blue Man Group. Anyone know how popular that show was before COVID?
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Old Jun 30, 20, 2:07 pm
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Took my kids to Blue Man Group last year. They enjoyed it and the theater seemed full. Seems like a relatively inexpensive show to put on. Relatively small cast and crew and some paint and marshmallows every day? We did the behind the scenes tour before the show, and all thought it was very cool.

We have been to most of the Cirque shows (some several times) and still Mystère is among my favorites.
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Old Jun 30, 20, 3:09 pm
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Originally Posted by Single_Flyer View Post
I would also see MJ One closing for the same reason as Love -- I'm guessing the music rights are expensive.

O should continue; I think it is probably one of the more popular shows and at Bellagio it is probably going to remain strong.

I would be totally fine with Mystere closing, but since it is at TI (not an MGM property), I am betting that it will remain.

No clue about the impact of Blue Man Group. Anyone know how popular that show was before COVID?
MJOne is my favorite. In fact I had a ticket to see it again for my planned Vegas trip in March...of course it was all cancelled and I got a refund. I think Ka is my least fav.
Regardless...Cirque has always been such a professional operation and high quality entertainment in a category of it's own.
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Old Jun 30, 20, 7:56 pm
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If they survive, they might have to hibernate for months, or try to make a go of it with 25% or less attendance for social distancing - for months.

Without a vaccine, this is what all gathering-type entertainment companies are facing.
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Old Jul 7, 20, 10:33 am
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Originally Posted by Single_Flyer View Post
I would also see MJ One closing for the same reason as Love -- I'm guessing the music rights are expensive.
Love is the best of them that I've seen and the SO loves One. We've seen both several times with several different groups of friends/family.

May put both on the list for one of my upcoming trips when they open back up.
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