Kad said: "I’ve also heard rumors that Telsey, as well as other various companies in the industry, were planning on filing bankruptcy and re-emerging after the industry restarts."
This is not surprising. And let's remember that Chapter 11 is basically a loophole, and makes sense if a company is bleeding money as these Broadway organizations have during the pandemic. Slightly shady perhaps, but certainly not uncommon. (There were a lot of disappointed folks last week who thought the NRA's bankruptcy meant it would cease to exist...ha.)
This is the other problem with a slow re-opening plan –– GM firms, ad agencies, casting offices, PR companies, and everyone else in this Broadway ecosystem will need time to re-hire laid off staff or seek out new people. A lot of these firms will operate at a loss until a majority of Broadway shows are back up and running.
Updated On: 1/21/21 at 12:31 PM