Organizers of Canada's global comedy festival Just for Laughs Montréal have canceled this year's event as its parent company faces bankruptcy and additional layoffs.
“Unfortunately, the 2024 edition of Just for Laughs / Just Pour Lillet “The festival will not take place, at least not at the same times and in the same format,” Groupe Just pour Lille announced on Tuesday.
Notice of summer festival cancellation The parent company that operates the company confirmed on Tuesday that it is preparing to file for bankruptcy and has filed a notice of intent to make an offer under Canada's Insolvency and Bankruptcy Act.
“Once the restructuring is complete, we hope to hold the festival in 2025,” the company said.
Groupe Juste pour rire spokesperson Julien Provencher-Proulx confirmed to the Times that 75 employees, or about 70% of the company's workforce, were laid off on Tuesday. The move comes after the company had already laid off 21 employees in December.
The board concluded that the organization's financial situation left it with “no option but to begin formal restructuring procedures,” resulting in the cancellation of the latest festival. This process will allow JPR to “seek investors or strategic buyers for all or part of the business, with the goal of maximizing stakeholder value and, if possible, maintaining going concern operations to the extent possible.” They said it would be possible.
Founded in Montreal in 1983, Just For Laughs (commonly referred to in comedy circles as JFL) will celebrate its 40th anniversary in 2023. For decades, its annual flagship festival in Montreal has served as the preeminent tastemaker in determining comedy's next top talent. The world of stand-up with the “New Faces” showcase. The event, which captivates audiences around the world and helps launch the careers of Kevin Hart, Dave Chappelle, Jimmy Fallon and Amy Schumer, is held at venues across the city and leads to deals that lead to more deals. It serves as a meeting place for talent and agents who want to connect and sign. We provide opportunities for veteran comics and new popular comics from all over the world. He grew up by starting festivals in cities outside of his hometown of Montreal, and produced numerous television shows such as “Just For Laughs Gags.”
This year's festival is scheduled to take place in July, and tickets in French and English were still on sale on the company's website as of Tuesday. However, several other performances in Quebec have also been canceled, CBC reported.
The Toronto Just for Laughs Festival, scheduled for September, is being run by a different organization and has not been canceled, Provencher Proulx told the Montreal Gazette.
Groupe Juste pour rire cited several challenges of the past few years, including those facing the media and free festival industries, as well as the COVID-19 pandemic, and said JPR had “effectively shut down its operations for two years”. “We've been forced to do that, and we've had a significant decline in revenue, but we've had a significant decline in revenue.” We will cover almost all related expenses. The situation was further exacerbated by changes in the media landscape, including network and streaming platform consolidation and budget cuts that “made television production more difficult.”
“The aim of the restructuring is to enable the business to emerge stronger and healthier, positioning the festival and other JPR properties well for the long term and maintaining Just for Laughs’ rich 40-year legacy. is. Just Pour Lillet“We are better positioned to meet the challenges of an ever-changing entertainment environment,” the statement said.
Nate Jackson, Times deputy entertainment and arts editor, contributed to this report.