Virgin Orbit CEO Dan Hart said the company would cease operations for the foreseeable future after failing to secure new funding.
The company paused all operations on March 15 and furloughed most of its employees.
At an all-hands meeting on Thursday, Hart said the company would lay off most of its employees.
- Hart said the layoffs would impact every team and department.
- The company will cut all but 100 positions, amounting to about 90% of its workforce.
- Hart said the company would provide a severance package for every laid-off employee, including a cash payment, extension of benefits, and support in finding a new position.
- Virgin Orbit will set up a direct pipeline for some employees to be hired at its sister company, Virgin Galactic.
