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Los Angeles Times

Business

Samantha Masunaga

Richard Branson's rocket-launch firm Virgin Orbit pauses operations, furloughs staff

Richard Branson Virgin Orbit

British billionaire Richard Branson's rocket-launch firm Virgin Orbit has paused operations as the company searches for more funding.

The Long Beach-based company announced the operational pause Wednesday and it goes into effect Thursday. As part of the move, the firm has furloughed most of its nearly 700 employees. Those employees will continue to have benefits during this time, according to a source familiar with the matter.

The company expects the pause to continue through next Tuesday, according to a document filed with the U.S. Securities and Exchange Commission. The operational pause will allow Virgin Orbit to save money while company officials meet with "potential funding sources" and explore "strategic opportunities," according to the document.

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