The Montreal company that operates the Just for Laughs comedy festival has cancelled this year’s edition as it seeks to avoid bankruptcy.
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.
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The company says in a news release today that it plans to continue operations “in a scaled-down format” as it restructures and that it hopes the festival will return in 2025.
Tickets for the French and English language comedy festivals in Montreal this summer remained on sale on the company’s website this morning.
Just pour rire, which held its first Montreal festival in 1983, blames the pandemic, inflation and the changing entertainment industry for its financial challenges.
It says it is looking for investors or to sell parts of its business.
© 2024 The Canadian Press