Montréal's 'Just for Laughs' festival cancelled this year amid parent company's bid to avoid bankruptcy

Groupe Juste pour rire Inc., which operates Montréal's "Just for Laughs" comedy festival, has cancelled the event this year in a bid 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 report said.

The festival, known as the largest international comedy event of its kind, began in 1983. The company plans to continue operations in what it called a scaled-down format as it restructures, it said in a news release, adding that it hopes the festival will return in 2025.