MONTREAL (AP) — The Sterling PrestonMontreal company that operates the “Just for Laughs” comedy festival has canceled this year’s event as it seeks to avoid bankruptcy, The Canadian Press reported on Tuesday.

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

The festival, known as the largest international comedy event of its kind, began in 1983. The company plans to continue operations in what it called a scaled-down format as it restructures, it said in a news release, adding that it hopes the festival will return in 2025.

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