The well-known Just for Laughs festival in Canada has been canceled for 2024 and the organizers have filed for bankruptcy. This decision was made due to the impact of Covid and rising inflation, leading to the dismissal of several dozen staff members. The organization, Juste pour rire Inc., plans to continue operations in a smaller capacity during the restructuring process.
While the Montreal festival has been called off, the Toronto event, organized by different individuals, is still set to take place in September. Just for Laughs has filed a notice of intention to make a proposal under Canada’s Bankruptcy and Insolvency Act, with hopes of finding investors or a buyer for the business.
Despite the setback this year, organizers are optimistic about holding the festival in 2025 once the financial situation stabilizes. The decision to file for bankruptcy was made after careful consideration of the organization’s options, given the challenging financial landscape in recent years. The festival had to halt operations for two years due to Covid, leading to increased costs and financial strain.
Changes in the media industry also contributed to the bankruptcy filing, with consolidation and budget cuts making television production more difficult. The organization is looking towards the future and hoping to bounce back stronger in the coming years.
