Cirque was in trouble long before COVID. They expanded too quickly around the world and spread themselves too thin. None of their shows in the last ~10 years have been blockbusters (most of them already retired), and the novelty of the original Vegas ones has worn off. They tried a theater division which failed. They had already started to restructure their operations and announced layoffs as early as 2015. I imagine the current environment was the nail in the coffin.