Montreal-based company that runs the “Just for Laughs” comedy festival canceled this year’s event in an effort to avoid bankruptcy, according to the Canadian Press on Tuesday.

Groupe Juste pour rire Inc. said in a press release that it is seeking protection from its creditors as it begins a formal restructuring under the Canadian Bankruptcy and Insolvency Act, the report said.

The festival, known as the largest international comedy event of its kind, started in 1983. The company plans to continue operations in what it described as a scaled-down coordination during the restructuring, it said in a press release, adding that it hopes the festival will take place in 2025.

The company attributed its financial challenges to the pandemic, inflation, and the changing entertainment industry, saying it is looking for investors or to sell parts of its business.