Just For Laughs files for creditor protection, says 2024 festival 'will not take place'
CTV
The Groupe Juste pour rire inc. is seeking creditor protection under Canada's Bankruptcy and Insolvency Act.
The Groupe Juste pour rire inc. announced Tuesday it is seeking creditor protection under Canada's Bankruptcy and Insolvency Act.
"Unfortunately, the 2024 edition of the Just for Laughs Festival will not take place, at least not at the same time and in the same form as it customarily has," a statement from the company states. "Once the restructuring is completed, we hope that the festival will take place in 2025."
The group notes its board of directions "extensively" considered all available alternatives before coming "to the conclusion that the financial situation of the organization left no other choice than to initiate formal restructuring proceedings."
The group also blames a "very difficult financial situation given the significant changes in our business landscape," pointing out that the media and free festival industries have faced particular hardships in recent years.
"The global pandemic forced us to effectively cease operations for two years, with significantly reduced revenue, while carrying nearly all of the associated overhead costs," the statement reads. "The pandemic was followed by the inflationary times we continue to experience, meaning our cost structure increased appreciably, exerting unprecedented financial strains."
It notes during the restructuring process, it plans to maintain operations "albeit in a scaled-down format."
Just For Laughs, the largest international comedy festival in the world, was founded in 1983.
