Just For Laughs files for creditor protection, says 2024 festival 'will not take place'
A woman wears a mask as she walks by the Just for Laughs festival at the Quartier du Spectacle in Montreal. (THE CANADIAN PRESS/Ryan Remiorz)
Rachel Lau
CTVNewsMontreal.ca Digital Reporter
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Updated March 5, 2024
The 2024 Just for Laughs comedy festival has been cancelled as the Montreal company tries to avoid bankruptcy.
The Groupe Juste pour rire inc., which owns the festival, 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."
Rachel Lau
CTVNewsMontreal.ca Digital Reporter
Follow | Contact
Updated March 5, 2024
The 2024 Just for Laughs comedy festival has been cancelled as the Montreal company tries to avoid bankruptcy.
The Groupe Juste pour rire inc., which owns the festival, 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."
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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."
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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."
The news comes as a surprise to comedians who were hoping to perform at the festival.
"I'm in shock, and I'm definitely very sad. My love of stand-up comedy developed because of that festival," said Montreal comedian Abby Stonehouse. "It's disappointing and sad because it's something that a lot of us look forward to during the summer."
She points out that being part of Just for Laughs is a major opportunity for local comedians.
"It's such a great opportunity, such an amazing platform that we all wish to be part of," Stonehouse said. "We work all year round to potentially be part of this festival."
The Groupe Juste pour rire inc. notes during the restructuring process, it plans to maintain operations "albeit in a scaled-down format" as it considers looking for investors or selling parts of the business.
Just For Laughs, the largest international comedy festival in the world, was founded in 1983.
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