Just For Laughs files for creditor protection, says 2024 festival 'will not take place'
The 2024 Just for Laughs comedy festival has been cancelled as the Montreal company behind it tries to avoid bankruptcy.
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."
- IN PHOTOS: Comedians at Just for Laughs over the years
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."
Julien Provencher-Proulx, a spokesperson for Groupe Juste pour rire inc., confirmed to The Canadian Press that 75 employees -- around 70 per cent of its workers -- were laid off Tuesday. The festival has featured many of the biggest names in standup comedy, including Kevin Hart, Dave Chappelle, Amy Schumer and Jerry Seinfeld.
In addition to ticketed indoor shows, the French and English festivals featured free outdoor performances. The festival drew hundreds of thousands of tourists each year, showcasing big names and giving a platform to local and Canadian comics.
"The Just for Laughs festival gives comedians in this country something to shoot for and sadly we don't have a lot of things to shoot for," said comedian Brent Butt.
The news comes as a surprise to up-and-coming 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. says 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.
In addition to the English and French festivals in Montreal this summer, a number of other performances in Quebec have also been cancelled.
Provencher-Proulx tells The Canadian Press that people can return their tickets to the box office where they bought them or contact their credit card company if they purchased tickets directly from the festival.
Just For Laughs, the largest international comedy festival in the world, was founded in 1983.
The company is 51 per cent owned by Bell and Montreal event promoter Evenko, while Los Angeles-based talent agency Creative Artists Agency owns 49 per cent.
-- with files from The Canadian Press.
CTVNews.ca Top Stories
LIVE Police arrest 3 in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Five areas Canada's foreign interference commissioner says needs more investigation
Commissioner Marie-Josee Hogue released her interim report examining foreign election interference on Friday. Here are five elements of the issue that Hogue says she needs to further probe before she can make conclusions or recommendations.
Police officer hit by driver of fleeing vehicle in Toronto
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.
Why your airfare may be getting more expensive
Skyrocketing airfare prices are linked to heightened competition and rising food and fuel, according to the CAA.
WATCH LIVE Funeral today for broadcasting legend and voice of 'Hockey Night in Canada' Bob Cole
A funeral is being held today for hockey broadcasting legend Bob Cole in his hometown of St. John's, N.L.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
New weight-loss drug Wegovy not a 'magic bullet,' doctor warns
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
BREAKING Foreign meddling 'did not affect' overall federal election results: inquiry report
Foreign interference by China did not affect the overall results of the 2019 and 2021 general elections won by Justin Trudeau's Liberals, a federal commission of inquiry has found.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.