The future is looking bleak for Toronto's premiere comedy event, as the Montreal company that operates the Just for Laughs comedy festival has announced the cancellation of the 2024 festival.

The move follows the company's filing of a notice of intention to make a proposal to creditors under Canada's Bankruptcy and Insolvency Act, and the announcement that 75 employees were terminated on Tuesday morning, in what organizers are calling an "unsustainable" financial situation.

Groupe Juste pour rire inc. (JPR) issued a news release on Tuesday stating that "Unfortunately, the 2024 edition of the Just for Laughs / Juste pour rire festival will not take place, at least not at the same time and in the same form as it customarily has."

"Once the restructuring is completed, we hope that the festival will take place in 2025."

The company states that it plans to "maintain JPR's operations, albeit in a scaled-down format, throughout the restructuring process," though there is no indication whether that will entail a continued presence in Toronto this year.

JPR cites a variety of reasons for the announcement, including challenges faced by the media and entertainment sectors, two years of ceased operations amid a public health crisis with continued overhead costs, and a rapidly changing industry landscape.