The Just for Laughs (JPR) festival, which
“makes millions”
of people laugh in Quebec and around the world every year, announced Tuesday the cancellation of its summer edition and is sheltering itself from its creditors due to financial difficulties.
In a statement, the group said it had
“filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act”
.
“Having considered all possibilities, the JPR Board of Directors came to the conclusion that the financial situation of the organization left no choice but to initiate restructuring procedures
,” he continued. .
The 2024 edition “will not take place”
This process should allow it to seek new investors and preserve
“as far as possible”
the continuity of activities.
Just for Laughs explained that its
“very difficult”
financial situation was notably attributable to the challenges facing free media and festivals, as well as the Covid-19 pandemic, which caused the group's revenues to plummet.
The 2024 edition
“will not take place, at least not on the same date and in the same form as in previous years
,” the organization clarified.
Just for Laughs, however, hopes to maintain its activities
"in a reduced form"
during the restructuring period and return with programming in 2025. Established in Montreal in 1983, the festival defines itself online as being
"a world leader in humor industry
.