Just for Laughs cancels Montreal comedy festival, seeks creditor protection
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.
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.
Reaction to the news started pouring in on X, formerly Twitter, with many saddened by the cancellation of the popular festival.
Montreal without Just for Laughs is unfathomable
— Erik Leijon (@eleijon) <a href=«https://twitter.com/eleijon/status/1765041057442795927?ref_src=» https:>March 5, 2024
“Unfathomable” and a “big loss” were some just some of the reactions, with one commentator pointing out the potential economic fallout for the city from lost tourism dollars.
Just for Laughs festival brings in over 80 million $ annually in tourism dollars to Montreal. A big loss if it truly is the end. My personal favorite festival in which I have been to over 100 shows. I think ownership change in 2018 hurt them. Wasn’t ran the same way as before
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