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The Cirque du Soleil is shuttering virtually all of its operations, effective immediately, and is leaving thousands of employees and performers with no source of income.

Midday Thursday, Cirque CEO Daniel Lamarre announced to staff that the company is laying off 95 per cent of its employees. The Cirque will lay off 4,679 employees, keeping just 259 staffers to maintain basic operations and continue tour planning and ticket sales for shows scheduled for later this year and in 2021. The Cirque will prepare for rehiring if and when productions are allowed to return to the stage.

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On Wednesday, influential American bond credit rating company Moody’s downgraded its rating of Cirque du Soleil, saying the outlook is negative. The Moody’s downgrade report states that the show closures will leave the company “with limited prospects for a tenable capital structure thereafter. Weak liquidity, soft show demand and challenging economic conditions will further pressure Cirque du Soleil’s operating flexibility and capacity for growth … once shows resume.“