Big Apple Circus to leave bankruptcy under new ownership

NEW YORK (AP) — Ringling Bros. and Barnum & Bailey Circus may be shuttering, but Big Apple Circus, which has been based in Walden for more than 20 years, has managed to cartwheel itself out of bankruptcy.

A judge on Tuesday approved a deal that would save the circus by selling its tents, equipment and intellectual property to Big Top Works, an affiliate of the Florida-based investment firm Compass Partners LLC. Compass was the previous winning bidder at an asset auction with a $1.3 million offer.

The nonprofit Big Apple Circus, which can now celebrate its 40th year, filed a Chapter 11 petition in November, seeking to continue operating, albeit in a diminished way. The circus said its debts amounted to $8.3 million, against assets of $3.8 million, in its Chapter 11 filing.

Neil Kahanovitz, a partner at Big Top Works who is a former circus performer, in a statement called the Big Apple Circus "a cultural gem" and said, "We couldn't let this beloved American pastime just disappear."

The Big Apple Circus began in 1977, and at its height staged more than 300 shows. It hopes to return to its longtime home at Lincoln Center this fall.

Since 1995, it’s had headquarters on Edmunds Lane in Walden. The site served as the Big Apple Circus’ headquarters, with wardrobe and practice facilities, tents and a trailer, and an RV park for the crew, who called it home for a few months every year.

Ringling Bros. recently announced it will close in May after 146 years, citing falling ticket sales, high operating costs and changing public tastes in entertainment.