Virgin Orbit Ceases Operations After Failing to Find Funding
- Satellite launch provider forced to lay off 85% of workforce
- Sale of business is still being pursued, person familiar says
Virgin Orbit is still looking to sell all or part of its business, according to a person familiar with the matter.
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Virgin Orbit Holdings Inc., the satellite-launch company tied to British billionaire Richard Branson, is ceasing operations indefinitely, succumbing to growing cash-crunch pressures that have paralyzed startups in many emerging technologies.
The company said in a filing Thursday that it was cutting 675 jobs, or about 85% of its workforce, “in order to reduce expenses in light of the company’s inability to secure meaningful funding.” A spokesperson for Virgin Orbit said the remaining 15% of employees will work on winding down the business.