Pooja Entertainment Sells Office Amid Financial Struggles, Lays Off 80% Staff

Avatar of Ayapiri Debbarma
Pooja Entertainment Sells Office Amid Financial Struggles, Lays Off 80% Staff
Pooja Entertainment Sells Office Amid Financial Struggles, Lays Off 80% Staff

Pooja Entertainment, the production house behind notable films like ‘Bade Miyan Chote Miyan,’ ‘Mission Raniganj,’ ‘Jawaani Jaaneman,’ and ‘Bell Bottom,’ has sold its seven-floor office building to address a significant financial crisis. According to a recent report by Bollywood Hungama, producer Vashu Bhagnani sold the office to pay off a staggering Rs 250 crore debt.

AD 4nXeACqs6Zn9HwLgAeRV1hj VAGaPiwmRoDIGgVsB 7AcpXnZy3bTe0kfB SoKcydzpoJXJO7FP m4QZ0eGYhRg0wbd1YGR4eFQIQ wvibVXLCWm8WujdM8xt3 R57OBqckwt9zIDu5QFvKHzKAgjVRBqP43?key=t69c JjYbF4a9qoAb5 6lA Pooja Entertainment Sells Office Amid Financial Struggles, Lays Off 80% Staff

The report reveals that Pooja Entertainment has laid off 80% of its staff, beginning in January 2024 after a two-year struggle to start production on Jagan Shakti’s film starring Tiger Shroff. The layoffs intensified in April, following the release of ‘Bade Miyan Chote Miyan.’

The dire financial situation stems from the massive box office failure of ‘Bade Miyan Chote Miyan,’ which grossed only Rs 59.17 crores against an investment of Rs 350 crores, leading to losses of at least Rs 125-150 crores. This flop forced Bhagnani to sell the office building to settle debts owed to multiple financiers.

Financial troubles for Pooja Entertainment began with the 2021 release of ‘Bell Bottom,’ one of the first Hindi films to hit theaters post-COVID-19, which underperformed at the box office. The subsequent failures of ‘Mission Raniganj’ and the big-budget ‘Ganapath,’ which was even rejected by Netflix, further exacerbated the financial strain on the company.

AD 4nXcSZ4IkjUlCGgro4eNp9hzdjulsJAJP2iFuCylPaRahttQZrb8iKflWhCfeKqAXIlP8pnJwZ BfPB9xsheiVrTNwBt8V0DZPa6KLD71esPbZcRRUTjPRrKSlPT4CTPg67jw PuyxxlUUsZQo0xRLQKsSUM?key=t69c JjYbF4a9qoAb5 6lA Pooja Entertainment Sells Office Amid Financial Struggles, Lays Off 80% Staff

The report highlights that the heavy investment in ‘Bade Miyan Chote Miyan’ significantly strained Pooja Entertainment’s finances. Despite high hopes that the film, starring Akshay Kumar and Tiger Shroff, would turn the tide for the production house, its failure left Vashu Bhagnani with no option but to sell the building to cover approximately Rs 250 crores in debts.

A source close to the situation revealed that the production house’s financial troubles have been mounting since ‘Bell Bottom.’ The film’s failure, coupled with the subsequent disappointments of ‘Mission Raniganj’ and ‘Ganapath,’ created an unsustainable financial situation for the company. The source added that these setbacks have forced Pooja Entertainment to take drastic measures, including selling its office building and reducing its workforce.

Despite the severe financial setbacks, Vashu Bhagnani and his son Jackky Bhagnani remain determined to reboot operations and work on new projects that could help them recover. They are committed to restructuring Pooja Entertainment and exploring opportunities that could bring the production house back to financial stability.

AD 4nXfkiMByYW4mmn 9ZxMLGKuQ1oi3 FLW2WcSEM7rYXBKadbbLpLpPVN Y4DbQjLx1BUkSWU4uNephLUfyA8fotKn92X7NIxIWh0J6Z3FVU140OczNg18qfpTbQEcPKs1p9guKJPd56fDbKtHd3zA LMMkk0R?key=t69c JjYbF4a9qoAb5 6lA Pooja Entertainment Sells Office Amid Financial Struggles, Lays Off 80% Staff

The report concludes with an optimistic note, highlighting the resilience of Vashu and Jackky Bhagnani. They are focusing on strategic planning and careful project selection to revive Pooja Entertainment. This determination to overcome financial adversity reflects their commitment to the company and the film industry.

As Pooja Entertainment navigates this challenging period, the Bhagnanis’ efforts to rebuild and their strategic focus on new ventures will be crucial in determining the production house’s future. The industry and fans alike will be watching closely to see how Pooja Entertainment adapts and evolves in response to these financial challenges.

If you have any questions related to our story, then tell us in the comment box given above the article. We will keep trying to provide correct information to you. Also, if you liked this story, then please share it. Stay connected to Ultranews to read more such stories.

Total
0
Shares
Previous Post
BJP Refuses Deputy Speaker Position to Opposition, Triggers Historic Lok Sabha Election for Speaker

BJP Refuses Deputy Speaker Position to Opposition, Triggers Historic Lok Sabha Election for Speaker

Next Post
India to Standardize USB Type-C Charging Ports for Smartphones and Tablets by 2025

India to Standardize USB Type-C Charging Ports for Smartphones and Tablets by 2025

Related Posts
Outfit Ideas for Girls Best Street Foods in Chennai Apart from Idli Dosa Laddu Gopal Winter Dresses Kalibadis to Visit in Delhi this Durga Puja Sawan Mehndi Design