Just For Laughs files for creditor protection, says 2024 festival 'will not take place'
CTV
The Groupe Juste pour rire inc. is seeking creditor protection under Canada's Bankruptcy and Insolvency Act.
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."
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."
It notes during the restructuring process, it plans to maintain operations "albeit in a scaled-down format."
Just For Laughs, the largest international comedy festival in the world, was founded in 1983.
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
A Saskatoon woman is warning others to use caution when doing business on buy and sell websites, after she was the target of a scammer.
Days ahead of his expected Liberal leadership campaign launch, former Bank of Canada and Bank of England governor Mark Carney says Prime Minister Justin Trudeau's decision to step down boosts the party's chance in the next general election.
A big name with ties to the city is expected to launch his bid to become the leader of the federal Liberal party, two sources tell CTV News Edmonton.
A public hearing for the controversial Grassy Mountain coal mining project will resume in Calgary on Tuesday.
Jalen Belle-McCormack, 20, from Toronto, is currently wanted on a warrant in connection to a shooting at a Waterloo business on May 18, 2024.
Sudbury’s automated speed enforcement cameras are moving to new locations this month.
An Ontario man who received a $620,000 medical bill from a Florida hospital is now relieved that his insurance company has reversed its decision and decided to pay the bill.
Longueuil police (SPAL) are investigating after a collision left a young man in critical in the Saint-Hubert borough on Monday night.
The B.C. Conservatives are ratcheting up claims there were "voting irregularities" in a pivotal riding – demanding an "urgent RCMP investigation" into the party's allegations.
Alberta Premier Danielle Smith says tariffs are coming and that its time to prepare - which has led to discussions in Saskatchewan over next steps.
More than 60 Canadian front-line firefighters are on their way to the Los Angeles area as part of international efforts to fight the raging wildfires that have claimed lives and destroyed thousands homes.
A trial has started for a Manitoba man accused of running down and shooting his neighbour before fleeing the province.
A big name with ties to the city is expected to launch his bid to become the leader of the federal Liberal party, two sources tell CTV News Edmonton.
Two people in a passenger vehicle were killed Monday morning in a collision with a commercial motor vehicle on Highway 63 near Highway 533,
The Middlesex-London Health Unit (MLHU) has issued its first cold weather alert of the year.
Former finance minister Chrystia Freeland will announce her intention to run for the Liberal party leadership just before the U.S. presidential inauguration, a source close to her campaign team says.
A dispute over a $2 million jackpot among members of a workplace lotto pool has been settled by B.C.'s Supreme Court.
Montreal police (SPVM) are investigating after a woman was stabbed in the Plateau.