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.
The Edmonton Police Service says a person who was reported missing nearly six years ago may have been spotted in Edmonton this month, and now they’re looking for information to find him.
Two men and a youth are facing charges in connection with the killing of a man in the southeast Calgary community of Ogden last year.
Two suspects are at large after a stabbing Friday morning sent one man to hospital in Nanaimo, B.C.
A total of 218 charges were laid by police between March 13 and 18, including six criminal offences.
Ontario chief justice rejects calls for judge to apologize to Toronto cops accused of lying at trial
The head of the Ontario Superior Court says it would be “inappropriate and unethical” for a judge to apologize after she accused three Toronto cops of lying during a 2024 high-profile murder trial, despite calls from the premier and head of the police union to do so.
St. Thomas police were on scene as part of an active fraud-related criminal investigation.
Ontario is moving to outlaw the resale of tickets for more than their original value, following through on legislation hat was promised after a string of in-demand events in Toronto saw ticket resale prices skyrocket out of reach for many.
The City of Montreal has announced a series of measures to address bad road conditions and “adopt a new approach to prevent future potholes.”
Environment Canada has issued a special weather statement for Ottawa, calling for snow to be “heavy at times.” Ottawa could see 5-10 cm of snow today.
Residents in the Fraser Valley of British Columbia are on high alert this morning as rising floodwaters threaten to force them from their homes while officials warn of landslides and power outages.
March 20th marks the first official day of spring, bringing more hours of daylight and warmer weather.
March 20th marks the first official day of spring, bringing more hours of daylight and warmer weather.
Ontario is moving to outlaw the resale of tickets for more than their original value, following through on legislation hat was promised after a string of in-demand events in Toronto saw ticket resale prices skyrocket out of reach for many.