The company that operates the Just for Laughs comedy festival in Montreal has canceled this year’s edition as it tries to avoid bankruptcy.
Groupe Juste pour rire inc. says it is seeking protection from its creditors as it begins formal restructuring under Canada’s Bankruptcy and Insolvency Act.
“JPR’s board of directors, after having extensively considered all available alternatives, came to the conclusion that the financial situation of the organization left no other choice than to initiate formal restructuring proceedings,” the company said in a statement Tuesday.
The company has laid off 70 per cent of its work force – about 75 people – and has also cancelled seven franco shows previously scheduled, La Presse reported. The company hopes that in financially restructuring the festivals can return in 2025.
“We plan to maintain JPR’s operations, albeit in a scaled-down format, throughout the restructuring process,” the company said.
Groupe Juste pour rire says it faced several challenges, including reduced revenue during the two-year pandemic shutdown, increased costs dues to post-pandemic inflation, difficulties in television production because of industry consolidation and difficult times in both the media and free festival industries.
