案例库 · 财务与会计 · 财务决策 · 1977–2016
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The Big Apple Circus raised $900K of the $2M it needed — then filed Chapter 11
New York's one-ring circus, a Lincoln Center fixture since 1981, cancelled its 2016 season when a rescue drive fell short, then filed Chapter 11.
Big Apple Circus · 2016-11
怎么回事
The Big Apple Circus was founded in 1977 by Paul Binder and Michael Christensen as an intimate, European-style one-ring circus, and from 1981 it pitched its tent at Damrosch Park in Lincoln Center — 34 years as a New York institution, with a Clown Care troupe making hundreds of thousands of pediatric hospital visits a year.
The money ran out slowly. Attendance faltered, especially on the road, and the circus's own mission — free and discounted tickets for disadvantaged audiences — strained the books. In June 2016 an emergency 'Save the Circus' drive aimed for $2 million and raised only about $900,000; the 2016–17 season was cancelled.
On 20 November 2016 the circus filed Chapter 11. The bankruptcy ended the company as it had been: in February 2017 the court approved a sale of its assets for $1.3 million to Big Top Works, an affiliate of Compass Partners, and a 40th-anniversary season reopened under the new owners at Lincoln Center in October 2017.
为什么会这样
- A nonprofit one-ring circus had no scale to absorb falling ticket revenue.
- The rescue campaign raised less than half of its $2M goal — the audience's affection did not convert into cash.
- Free and discounted ticket commitments, part of the circus's identity, kept pressure on the books.
教训
The Big Apple Circus needed $2M to survive; its audience gave $900K. Chapter 11 followed, and a 39-year institution sold at auction for $1.3M — goodwill fills tents, not balance sheets.
后来呢
New owners relaunched the circus at Lincoln Center in October 2017 for its 40th anniversary; the Clown Care hospital programme did not survive the sale.
资料来源
- CNBC, 21 November 2016 — Big Apple Circus files for bankruptcy (filed Sunday 20 November 2016 after an emergency fundraising campaign aimed at $2 million in June raised only about $900,000; the 2016–2017 season was cancelled; attendance had faltered in recent years, particularly for shows outside the New York area; finances strained by free or discounted tickets for disadvantaged groups; circus seeking buyers for its storage and training facilities in Walden, New York, hoping to resurrect the show under new ownership)
- Wikipedia — Big Apple Circus (founded 1977 by Paul Binder and Michael Christensen as a one-ring circus; performed at Damrosch Park, Lincoln Center from 1981 to 2015; Clown Care founded 1986 with 80+ clowns making 225,000+ hospital visits annually; Chapter 11 filed November 2016 after the 2016 holiday season was cancelled; US Bankruptcy Court approved sale of assets to Big Top Works, an affiliate of Compass Partners, for $1.3 million on 14 February 2017; returned to Lincoln Center for its 40th anniversary season beginning 26 October 2017)
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