Crisis-hit film and TV company Relativity Media is laying off more than one-fifth of its staff.

Ryan Kavanaugh’s beleaguered Beverly Hills firm confirmed Wednesday it has pink-slipped 75 of its 350 employees.

“As Relativity continues to move forward with steps to strengthen its balance sheet and reduce costs, we’ve made the difficult decision to eliminate 75 full-time positions across several of our divisions,” the company said in a statement. “This is a necessary step to position the company for a strong future.”

Meanwhile, Hollywood trades report that the 11-year-old company, which has missed a series of deadlines for debt payments, could declare bankruptcy within the next 24 hours.

While it deals with financial problems, Relativity has pushed back the release date of some of its movies, including Kristen Wiig comedy “Masterminds,” and a number of the company’s partners are reportedly demanding back the rights to their films out of fear the mini-studio won’t have the money to properly market and promote them.