Vashu Bhagnani, founder of the production house Pooja Entertainment, has reportedly sold their company's seven-storey office. Not just that, 80% of the company's staff have also been laid off after a series of box office failures, with the last one being Akshay Kumar and Tiger Shroff starrer Bade Miyan Chote Miyan. The production house behind blockbusters such as Coolie No. 1 and Biwi No. 1 is currently facing a critical financial crisis, with reported debts amounting to Rs 250 crore. Jackky Bhagnani and Vashu Bhagnani’s Pooja Entertainment Accused of Non-Payment of Salaries to at Least 100 Employees, Crew Member Pens Long Note and Asks ‘Where Is My Hard Earned Money?’.

Vashu Bhagnani Sold Office To Pay Off Rs 250 Crore Debt

As per the latest reports, the recent setbacks have led to 80% of the staff being laid off starting from January 2024. The main office of the production company in Mumbai's Juhu has now been downsized to a two-bedroom flat. The already existing financial troubles only increased after the recent failure of Bade Miyan Chote Miyan, which was reportedly made at a budget of Rs 350 crore but managed to mint only Rs 110 crore worldwide, making it a box office disaster.

Pooja Entertainment’s Financial Struggles Trace Back to 2021

A source told Bollywood Hungama that Pooja Entertainment's financial problems began with the failure of Akshay Kumar starrer Bell Bottom in 2021. The film had actually received a boost as it was one of the first Hindi films released in the theatres during the Covid-19 pandemic, but it failed miserably. The streak was continued by Akshay's Mission Raniganj and Tiger Shroff's Ganapath. The news comes just a day after crew members of Pooja Entertainment accused Vashu Bhagnani and his production house of not clearing the salaries of more than 100 staff. And now, it has been reported that Bhagnani has sold his seven-floor office at Pooja Entertainment to a builder. Rakul Preet Singh–Jackky Bhagnani’s Fiji Vacation Highlights: From Yacht Rides, Scuba Diving to Savouring Local Cuisine, Couple Shares Moments from Their Trip to ‘Paradise’ (Watch Video).

However, even with all these financial troubles, the company is far from closing. Jackky and Vashu Bhagnani both have already begun operations for their future projects and will hopefully improve things in the coming months.

(The above story first appeared on LatestLY on Jun 23, 2024 01:44 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).