Just for Laughs cancels festival and seeks creditor protection

The world’s largest comedy event is now “no laughing matter.”

Today, the company who owns the “Just for Laughs” festival in Montréal says it’s cancelling this year’s edition in July, as it seeks to avoid bankruptcy.

The move comes as a shock to fans and stand-up comics as the event is a draw for big names and up-and-comers looking for a breakthrough.

The company says due to financial difficulties it’s facing, it plans to do a “company restructure” and file for creditor protection.

The news is a blow for comedians and their fans, and some believe it may be a “telltale sign” of an evolving industry.