Just for Laughs is seeking protection from its creditors

Just for Laughs is seeking protection from its creditors

It's no longer funny at Just for Laughs. Due to multi-million debts, the Quebec company has decided to cancel this summer's Just For Laughs and Just For Laughs festivals and has filed a notice of intent to file under the Bankruptcy Code and Bankruptcy of Canada .

Just for Laughs Group is considering a complete restructuring of the company. To this end, 70% of employees, or 75 people, were laid off on Tuesday morning, La Presse reports. The company reportedly has around $50 million in debt.

“After considering all options, the JPR board concluded that the financial situation of the organization left no choice but to initiate restructuring proceedings,” it said in a press release. This process will enable JPR to restructure its activities and seek investors or strategic buyers for all or part of its activities, with the aim of maximizing value for stakeholders and, where possible, maintaining business continuity.”

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Therefore, the 2024 edition of the Just For Laughs festival and the Just For Laughs in July will not take place. The company is not ruling out the possibility of bringing the festival back later this year or in a different format. “Once the restoration is complete, we hope to host the festival in 2025,” she said in the press release.

La Presse also reports that in addition to this summer's canceled festival, seven shows presented by Just for Laughs would have fallen through the cracks: the musical Waitress (shows in Montreal and Quebec), Neev, Eve Côté, Jean-Sébastien Girard, Louis T , Mélanie Couture and Messmer (the performances scheduled during the festival).

More details to follow.