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The Montreal company that operates the "Just for Laughs" comedy festival has canceled this year’s event as it seeks to avoid bankruptcy, The Canadian Press reported on Tuesday.
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Groupe Juste pour rire Inc. said in a news release that it is seeking protection from its creditors as it begins formal restructuring under Canada’s Bankruptcy and Insolvency Act, the report said.
A "Just for Laughs Montréal" marquee is photographed during a 2014 performance by comedian Nick DiPaolo in Montréal, Quebec, Canada. (Photo by John Kisch Archive/Getty Images)
The festival, known as the largest international comedy event of its kind, began in 1983. The company plans to continue operations in what it called a scaled-down format as it restructures, it said in a news release, adding that it hopes the festival will return in 2025.
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The company has attributed its financial challenges to the pandemic, inflation and a changing entertainment industry, and has said it is looking for investors or to sell parts of its business.
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