MaharlikaNews | Canada Leading Online Filipino Newspaper Portal The No. 1 most engaged information website for Filipino – Canadian in Canada. MaharlikaNews.com received almost a quarter a million visitors in 2020.
Financial difficulties have forced company to 'restructure,' organizers say
The Montreal company that operates the Just for Laughs comedy festival has cancelled the 2024 edition of the event after filing a notice of intention to make a proposal to creditors — a formal process under Canada's Bankruptcy and Insolvency Act.
In a news release sent Tuesday, Groupe Juste pour rire inc. (JPR) said it plans to "maintain JPR's operations, albeit in a scaled-down format" as organizers restructure the event.
"Once the restructuring is completed, we hope that the festival will take place in 2025," the statement reads.
The company cited lost revenues during two years of the global pandemic and challenges facing the media industry, particularly reduced budgets at networks and streaming platforms, as reasons for restructuring.
*****
Credit belongs to : www.cbc.ca
