Status: 03/31/2023 12:42 p.m
The failed attempt to launch the first satellite from British soil plunged the space company Virgin Orbit into a deep crisis. Now almost all employees are to lose their jobs.
Space company Virgin Orbit is laying off much of its workforce in the wake of a failed satellite launch earlier this year. This emerges from a communication from the company to the US Securities and Exchange Commission.
Richard Branson’s space company, a British billionaire, announced it would reduce its workforce by 675 employees. That corresponds to about 85 percent of the employees and is associated with costs of up to 15 million dollars for the company. Background are failed efforts to secure financial resources. Employees from all areas of the company are affected.
Company ceases operations
Virgin Orbit played a key role in attempting to launch the first satellite from UK soil earlier this year. An aircraft, a modified Boeing 747-400, first took the launch vehicle to high altitude before launch. However, the mission failed and the rocket crashed before it could reach orbit.
According to a spokesman for the missile maker, as of March 15, nearly all of its 750 employees had been furloughed for a “pause in operations” while the company sought a financial lifeline. Now, according to reports, the company’s operations will be suspended until further notice. The company expects the layoffs to be essentially complete by April 3.