Long Beach's Virgin Orbit is up for sale after filing for bankruptcy and firing most employees

LONG BEACH, Calif. (KABC) -- Sir Richard Branson is making moves to sell failed satellite company Virgin Orbit just days after announcing he was laying off most of its work force.

The Long Beach-based company has filed for Chapter 11 bankruptcy after it did not secure funding following its failure to complete its first satellite launch.
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The satellite launch failed earlier this year.

Last week, the company announced it would cut 85% of its workforce and suspend all operations.
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Virgin Orbit is a spin-off from Branson's space tourism company Virgin Galactic, both of which are part of the billionaire's "Virgin" brand.