In a significant move to address mounting financial troubles, Vashu Bhagnani has sold Pooja Entertainment’s seven-floor office to pay off a staggering Rs. 250 crore debt. This decision comes in the wake of consecutive box office failures, putting immense pressure on the renowned production house.
The office, located in a prime area, was one of the key assets of Pooja Entertainment. Selling it off was a tough but necessary step to settle the debts and stabilize the company’s financial situation. This drastic measure underscores the severe impact of recent commercial flops on the production house’s revenue and operations.
A familiar source told, “It all started with Bell Bottom, which was one of the first Hindi movie to be released in theatres post the COVID-19 pandemic in 2021. The film flopped badly at the box office and so did the next one, Mission Raniganj. The company faced another setback when the big-budget Ganapath failed to perform and was even rejected by Netflix despite an acquisition deal. Red flags had already begun to appear in the company’s financial sheet by this point, and the enormous investment in Bade Miyan Chote Miyan made matters worse. Even still, the firm held out hope that the action entertainer starring Akshay Kumar and Tiger Shroff would turn around its financial situation. However, the historic failure of this Ali Abbas Zafar directorial almost crippled the company. Vashu had no choice but to sell the building to pay off the enormous debt.”
Alongside the sale, Pooja Entertainment has also laid off 80% of its employees. This massive reduction in workforce is aimed at cutting costs further and managing the financial strain better. The layoffs have affected many long-term employees, adding to the turmoil within the company.
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