Known for giving iconic movies like Biwi No. 1, film producer Vashu Bhagnani sold his production house Pooja Entertainment’s Mumbai office to repay debt worth ₹250 crore, reported Bollywood Hungama, citing industry sources. The production house is also downsizing its operation post consecutive Box Office failures like Badhe Mia Chote Mia, Bell Bottom, Ganapath, Mission Raniganj, etc.
Layoffs at Pooja Entertainment
According to the news report, Vashu Bhagnani had downsized the production house’s workforce to recuperate the losses. The film producer had sacked almost 80% of employees and shifted Pooja Entertainment’s office to a two-bedroom flat in Mumbai, reported Bollywood Hungama. The reduction in workforce began in January this year after a movie featuring Tiger Shroff was shelved following a two-year struggle to release on silver screens.
The company faced another setback after its second movie, Badhe Miya Chote Miya, failed miserably at the box office. The movie barely managed to earn ₹59.17 crore. However, the film, which featured Akshay Kumar and Tiger Shroff, was made with an investment of ₹350 crores. Amid financial woes, Vashu sold the company’s Mumbai office to pay off debts to multiple financiers. The production house banner, operated by Vashu Bhagnani and his son Jacky Bhagnani, is also reducing its operations after back-to-back failures of its movies.
Will Pooja Entertainment shut down?
Earlier, crew members were reported to have expressed concern over the unpaid dues by the Pooja Entertainment production house. Despite multiple financial hardships, Vashu Bhagnani and son Jacky Bhagnani are in no mood to close the three-decade-old production house. The father-son duo are determined to reboot operations, moreover they have already begun preparations for their production house’s upcoming projects, reported Bollywood Hungama. Moreover, they are also planning to go ahead with Shahid Kapoor’s Ashwatthama project.
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Published: 23 Jun 2024, 03:39 PM IST