(Reuters) – Richard Branson’s Virgin Orbit Holdings filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure long-term funding following a January rocket failure.
Despite the success of his telecoms and other ventures, the billionaire has also suffered some high-profile ups and downs with his businesses.
Here are some examples:
VIRGIN ATLANTIC
The airline filed for bankruptcy protection in August 2020 hurt by the pandemic before emerging from the proceedings a year later.
VIRGIN AUSTRALIA
Australia’s second largest airline filed for bankruptcy in April 2020 also battered by the pandemic before exiting voluntary administration in November that year.
VIRGIN ACTIVE
The health club firm, in which Branson is still a shareholder, was forced to restructure in the UK after the pandemic hurt the business.
VIRGIN BRIDES
Launched in 1996, this attempt to disrupt the wedding industry fell flat on its face, according to the founder himself.
VIRGIN CARS
Started in 2000, the Virgin brand’s only foray into the online auto retail business lasted five years.
VIRGIN COLA
Launched in 1994, the rights to the business were sold in 2007 after it struggled to compete with rival Coca-Cola’s huge marketing budget and influence on distributors. “Declaring a soft drink war on Coke was madness,” Branson said.
VIRGIN VODKA
After a high-profile launch in the early 1990s, Virgin Vodka was discontinued and Virgin Drinks closed in 2007.
VIRGINSTUDENT
A community website launched in 2000 bore the hallmarks of social media platforms which went on to rule the world but closed five years later.
(Source: Virgin websites and Reuters stories)
(Reporting by Aby Jose Koilparambil and Yadarisa Shabong in Bengaluru)
