The Just for Laughs (JFL) Group has initiated formal restructuring proceedings amid ongoing financial pressures.

The company issued a statement on Tuesday (March 5) that it has filed a Notice of Intention under the Bankruptcy and Insolvency Act under the direction of its board of directors.

JFL will be seeking “investors or strategic purchasers for all or part of its business” while under creditor protection, read the statement.

The company said its goal is to preserve operations, which will continue in a scaled-down format during the restructuring process. However, it has confirmed that the 2024 Just for Laughs / Juste pour rire festival has been cancelled. The intent is to bring the festival back in 2025.

The need to restructure was attributed to revenue losses during the first two years of the COVID-19 pandemic, inflationary pressures, and reduced spending from networks and streamers for Just for Laugh’s television productions.

The company’s television work includes a three-year deal with Netflix for three French-language stand-up comedy specials, the CTV comedy series Roast Battle Canada and The RP4 Hosted by Russell Peters, both produced with Counterfeit Pictures, and Prime Video’s Pour un soir seulement (For One Night Only).

JFL is currently led by interim CEO Richard B. Levy, who stepped into the role in January following the departure of president and CEO Charles Décarie last December. A spokesperson for JFL told Playback Daily at the time that Décarie left on amicable terms.

Levy was part of the investor group that acquired JFL in 2018, which includes Bell Media, ICM Partners, Groupe CH and comedian Howie Mandel.