The encyclopedia · Strategy & Leadership · Strategic decision · 1940–1997
The Ice Capades toured for 55 years — three owners in four years finished it
Founded in 1940, America's great travelling ice show was bought out of bankruptcy in 1993, sold twice more by 1995, and shut its tours in August 1997.
Ice Capades · Dorothy Hamill International · International Family Entertainment · 1997-08
What happened
The Ice Capades began in February 1940, when nine arena managers met in Hershey, Pennsylvania, to build an ice show for the coming season. The first performance came that June in New Orleans; the travelling revue — Olympic champions, railroad baggage cars, and eventually three touring companies at once — prospered for fifty years.
Decline set in during the 1980s, and the parent company went bankrupt in 1991. In June 1993 Olympic champion Dorothy Hamill bought the assets out of a bankruptcy sale, betting she could revive the name with story shows like Cinderella on Ice. Her company took on millions in loans, but attendance stayed flat; in May 1994 the Shriners dropped their sponsorship of the Christmas show in favour of Disney on Ice.
Hamill sold to Pat Robertson's International Family Entertainment for about $10 million in February 1995 and left within months after a lackluster season. By August IFE was already agreeing to sell again, passing the show to Del Wilber & Associates late that year. One last MGM-themed tour ran in 1996; on 15 August 1997 Del Wilber shut down operations and laid off the performers, and two scheduled tours were cancelled.
Why it happened
- Audiences moved to Disney on Ice and newer arena spectacles; the old revue kept losing seats through three ownership changes.
- Each rescue was bought with debt — Hamill took on millions in loans against attendance that never grew.
- Three owners in four years meant nobody held the show long enough to fix the format.
The lesson
The Ice Capades survived fifty years but not empty seats: bought out of bankruptcy in 1993, sold twice more, and ended with its performers laid off in August 1997.
Aftermath
Revival attempts kept failing — a 2008–09 comeback tour was cancelled in April 2009, stranding performers without pay and suppliers unpaid.
Sources
- Wikipedia — Ice Capades (founded February 1940 in Hershey, Pennsylvania by nine arena managers; first performance 16 June 1940 in New Orleans; prospered 50 years with three touring companies by the mid-1970s; Metromedia sold it with the Harlem Globetrotters in 1986 for $30 million; decline in the 1980s, parent company bankrupt 1991; Dorothy Hamill bought assets in bankruptcy sale 24 June 1993, took on millions in loans, attendance stagnant, Shriners dropped sponsorship for Disney on Ice May 1994; sold to International Family Entertainment for $10 million February 1995; IFE sold to Del Wilber & Associates late 1995; Del Wilber shut down operations and laid off performers 15 August 1997 after IFE's funding was halted)
- The Virginian-Pilot, 15 February 1995 — IFE completes purchase of Ice Capades (International Family Entertainment completed the purchase Tuesday 14 February 1995; Dorothy Hamill, husband Dr. Kenneth Forsythe and another investor had bought Ice Capades out of bankruptcy in June 1993 and sold a majority stake to IFE for additional capital; show suffered lackluster attendance — a brief re-energization with a Cinderella production followed by sharply dropping attendance across two touring companies; Hamill left the show without retaining ownership or an executive position)
- The Virginian-Pilot, 15 August 1995 — IFE agrees to sell Ice Capades (IFE acquired Ice Capades assets for $10.2 million in February 1995; announced agreement to sell via letter of intent on Monday 14 August 1995 following lackluster attendance; Dorothy Hamill resigned as president after a falling out over the show's poor attendance; buyer run by a former major-league baseball player; notes issued to IFE as payment with the right to convert to a majority stake until 2005)
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