Richard Branson’s Virgin Orbit to Cease Operations After Failed Rocket Launch
Richard Branson’s rocket company Virgin Orbit will cease operations after its failed rocket launch out of the United Kingdom, officials announced.
The company said in a May 23 statement that it will sell its assets and equipment to four winning bidders in a “comprehensive sale process and competitive auction” and cease operations.
The announcement comes just months after the company filed for bankruptcy and laid off roughly 85 percent of its workforce.
“As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders, including customers, partners, investors, and employees, for their support and dedication over the years,” the company said in a statement….