Montreal’s ‘Only for Laughs’ comedy pageant cancels this 12 months’s version, seeks to keep away from chapter

MONTREAL — The Montreal firm that operates the “Only for Laughs” comedy pageant mentioned Tuesday it has canceled this 12 months’s occasion because it seeks to keep away from chapter.
Groupe Juste pour rire Inc. mentioned in a information launch that it’s in search of safety from its collectors because it begins formal restructuring underneath Canada’s Chapter and Insolvency Act.
The pageant, generally known as the biggest worldwide comedy occasion of its type, started in 1983. The corporate plans to proceed operations in what it known as a scaled-down format because it restructures, it mentioned in a information launch, including that it hopes the pageant will return in 2025.
The corporate has attributed its monetary challenges to the pandemic, inflation and a altering leisure trade, and has mentioned it’s searching for buyers or to promote elements of its enterprise.
Julien Provencher-Proulx, a spokesman for Groupe Juste pour rire, confirmed that 75 workers, or round 70% of its staff, have been laid off Tuesday.
The corporate is 51% owned by Canadian telecommunications firm Bell and Montreal occasion promoter Evenko, whereas Los Angeles-based expertise company Inventive Artists Company owns 49%. The pageant has introduced lots of the largest names in standup comedy, together with Kevin Hart, Dave Chappelle, Amy Schumer and Jerry Seinfeld. Along with ticketed indoor reveals, the French and English festivals featured free outside performances.