The daily business briefing: June 30, 2020

Cirque du Soleil files for bankruptcy protection in Canada, the Dow posts its biggest gain since June 5, and more

Cirque Du Soleil performers
(Image credit: Getty Images)

1. Cirque du Soleil files for bankruptcy

Cirque du Soleil filed for bankruptcy protection in Canada on Monday after the coronavirus pandemic forced the acrobatic circus to cancel shows and lay off performers. The move is designed to help the Montreal-based entertainment company come up with a plan to resume operations as the public health crisis continues. The company suspended its productions around the world in March as the coronavirus pandemic hit North America. It had to lay off more than 4,000 people, about 95 percent of its workforce. "With zero revenue since the forced closure of all of our shows due to COVID-19, the management had to act decisively to protect the company's future," CEO Daniel Lamarre said. The company said as part of the bankruptcy filing it had entered into a purchase agreement with its existing shareholders.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.