Series of costly losses in 2023 contributed to Just for Laughs insolvency: report

A report filed in Quebec Superior Court particulars the explanations behind the monetary troubles that led the mum or dad firm of the Just for Laughs comedy festivals to cancel its flagship occasion and search safety from its collectors.

The Thursday court docket submitting from an insolvency trustee exhibits Groupe Juste pour rire inc. posted a internet lack of extra $7.9 million within the first 10 months of 2023.

Among the elements the trustee says tanked its income was a March comedy competition in London that led to a lack of round $800,000 after ticket gross sales fell wanting expectations.

Groupe Juste pour rire additionally misplaced about $2 million on the 2023 version of the Montreal Just for Laughs competition, which the trustee says the corporate knowingly staged at a loss in an try to match the dimensions of the one held earlier than the COVID-19 pandemic.

A manufacturing of the musical comedy “Hair” was one other pricey enterprise.

The trustee says modifications to YouTube and Facebook video monetization guidelines, and the TVA Groupe’s resolution to not buy the twenty fourth season of the corporate’s prank comedy tv present “Gags,” additionally lowered income.

– This report by The Canadian Press was first printed March 16, 2024.