SWFI Daily Layoffs Briefing, April 27, 2020

Posted on 04/27/2020

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Virgin Atlantic

Billionaire Richard Branson has till the end of May 2020 to find a buyer or investor to help save his beleaguered airline Virgin Atlantic from financial calamity, as the coronavirus takes toll on global air travel. Virgin Group founder Branson was open to a government taxpayer bailout from the United Kingdom, but was unable to get the dream of £500 million. Virgin Atlantic hired Houlihan Lokey to find investors.

Cheddar

Financial T.V. upstart Cheddar permanently closed its Los Angeles office amid layoffs as advertising revenue dries up. Cheddar was founded by former BuzzFeed President and COO Jon Steinberg. In 2019, Cheddar sold to Altice USA for US$ 200 million.

Burgerville

Vancouver, Washington-based fast food chain Burgerville plans to layoff 612 employees in Oregon and Washington. This amount is around 42% of its total workforce of 1,482.

Domtar

Packaging paper company Domtar Corporation plans to temporarily lay off 400 employees as it plans to idle its Hawesville, Kentucky paper mill starting May 5, 2020.

Diamond Offshore Drilling

Diamond Offshore Drilling Inc. is the rig contractor controlled by Loews Corporation. Diamond Offshore Drilling filed for bankruptcy. Roughly 2,500 jobs could be at stake at Diamond Offshore Drilling. The case is Diamond Offshore Drilling Inc., 20-32307, U.S. Bankruptcy Court for the Southern District of Texas (Houston).