Virgin Orbit, which failed to secure a funding lifeline, would be ceasing operations "for the foreseeable future", its CEO Dan Hart told employees during a meeting on Thursday, CNBC reported, adding that the firm would lay off almost its entire workforce.

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Hart said that the company was not able to secure the funding for a clear path for it, CNBC reported.

Hart, who audibly seemed to choke on the call, said this was probably the hardest all-hands meeting that he had ever conducted in his life, CNBC reported. He said the company had no other choice but to implement immediate, extremely painful and dramatic changes.

The firm would be removing all, but 100 positions, which comes up to around 90 percent of the workforce, he said, adding that the layoffs would affect every department and team.

The company, in a securities filing, said the layoffs comprised 675 positions, or nearly 85 percent, CNBC reported.

Hart added that the company would provide a severance package for every employee losing their job with extension of benefits, cash payment and support in getting a new position with a "direct pipeline" that had been set up with its sister company Virgin Galactic for hiring.

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