Just for Laughs Has Filed for Bankruptcy Protection
Apparently, Just for Laughs can’t survive just on laughs — it needs money too. The storied Montréal comedy institution that, each year, awards the coveted distinction of “New Faces” to a crop of comedians on the rise, has canceled its 2024 festival, citing financial factors. Groupe Juste Pour Rire Inc., the festival’s owner, announced on March 5 that it has applied for protection from its creditors under Canada’s Bankruptcy and Insolvency Act, and that it hopes to restart the festival in 2025 after its financial restructuring is complete. In the meantime, the company says it will “maintain” its operations “albeit in a scaled-down format.”
Just for Laughs was founded in 1983 and celebrated its 40th year in existence in 2023. In that time, it’s grown into a comedy behemoth that has launched festivals in cities outside Montréal, produced television shows like Just for Laughs Gags, and more. But this has not made it immune to financial struggles affecting the media and festival industry, according to its parent company. “The pandemic was followed by the inflationary times we continue to experience, meaning our cost structure increased appreciably, exerting unprecedented financial strains on the organization,” the company said in a statement. This news comes as Just for Laughs was in the process of trying to restore its reputation after its founder, Gilbert Rozon, stepped down from his leadership position in 2017 due to multiple allegations of sexual assault.
According to the company’s statement, the aim of the restructuring “is to allow the business to emerge stronger and healthier, and successfully position the festival and the other JPR properties for the long term.” If the company is able to make it back from the brink of insolvency by 2025, it is imperative it call Andy Kindler back to talk about all of this in another State of the Industry Address.
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