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Producer Vashu Bhagnani‘s Pooja Entertainment, which has produced movies like ‘Bade Miyan Chote Miyan’, ‘Mission Raniganj’, ‘Jawaani Jaaneman’, ‘Bell Bottom’, and others, has reportedly sold the seven-floor office of Pooja Entertainment to pay off his Rs 250 crore debt.
As per the latest report by Bollywood Hungama, Vashu is paying off debts with the money received from the sale and added that the production house has laid off 80 percent of its staff.
The report stated that the layoffs began in January 2024 after ‘Jagan Shakti’s film starring Tiger Shroff was shelved following a two-year struggle to take it on floors. The workforce was further reduced in April, specifically after the release of ‘Bade Miyan Chote Miyan’.
According to the report, this development comes on the heels of the disastrous box office failure of BMCM, which barely earned Rs. 59.17 crores at the box office against the investment of Rs. 350 crores, resulting in losses of at least Rs. 125–150 crores for the production banner. Sources say Vashu has sold the building to pay off debts to multiple financiers, amounting to approximately Rs. 250 crore.
A source close to the publication also revealed that the financial troubles for Pooja Entertainment began with the release of Bell Bottom in 2021, one of the first Hindi films to hit theaters post-COVID-19, which flopped at the box office. Subsequent failures of Mission Raniganj and the big-budget Ganapath, which was even rejected by Netflix, exacerbated the situation.
The report further added that the heavy investment in ‘Bade Miyan Chote Miyan’ further strained the company’s finances. Despite hopes that this Akshay Kumar and Tiger Shroff starrer would improve their financial outlook, its failure left Vashu with no choice but to sell the building to settle approximately Rs. 250 crores in debts owed to multiple financiers.
The report stated that despite the financial situation, Vashu and his son Jackky Bhagnani are ‘determined to reboot operations’ and work on projects that could help them bounce back.
As per the latest report by Bollywood Hungama, Vashu is paying off debts with the money received from the sale and added that the production house has laid off 80 percent of its staff.
The report stated that the layoffs began in January 2024 after ‘Jagan Shakti’s film starring Tiger Shroff was shelved following a two-year struggle to take it on floors. The workforce was further reduced in April, specifically after the release of ‘Bade Miyan Chote Miyan’.
According to the report, this development comes on the heels of the disastrous box office failure of BMCM, which barely earned Rs. 59.17 crores at the box office against the investment of Rs. 350 crores, resulting in losses of at least Rs. 125–150 crores for the production banner. Sources say Vashu has sold the building to pay off debts to multiple financiers, amounting to approximately Rs. 250 crore.
A source close to the publication also revealed that the financial troubles for Pooja Entertainment began with the release of Bell Bottom in 2021, one of the first Hindi films to hit theaters post-COVID-19, which flopped at the box office. Subsequent failures of Mission Raniganj and the big-budget Ganapath, which was even rejected by Netflix, exacerbated the situation.
The report further added that the heavy investment in ‘Bade Miyan Chote Miyan’ further strained the company’s finances. Despite hopes that this Akshay Kumar and Tiger Shroff starrer would improve their financial outlook, its failure left Vashu with no choice but to sell the building to settle approximately Rs. 250 crores in debts owed to multiple financiers.
The report stated that despite the financial situation, Vashu and his son Jackky Bhagnani are ‘determined to reboot operations’ and work on projects that could help them bounce back.
