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.

The satellite launch failed earlier this year.

Last week, the company announced it would cut 85% of its workforce and suspend all operations.

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.