Virgin Orbit to lay off about 85% of staff (updated)

Virgin Orbit Holdings

30/03/2023 22:28

(Adds details from filing)
       March 30 (Reuters) - Rocket maker Virgin Orbit
Holdings VORB.O  on Thursday said it was laying off about 85% of
staff.
    Richard Branson's Virgin Group has a controlling interest in
Virgin Orbit.
    Shares of the company fell 50% in after hours trade.
        About 675 employees will lose their jobs, and the
company expects to take related charges of about $15 million,
Virgin Orbit said in a regulatory filing.
  
        
  
    

 (Reporting By Joey Roulette, editing by Peter Henderson)
 ((peter.henderson@thomsonreuters.com; 323 251 4827;))