Published in the Wall Street Journal, By Benjamin Katz and Alistair MacDonald, 4/21/2020
Richard Branson’s “Virgin Australia” has filed for bankruptcy.
In April 2019, it was announced Brightline would partner with Virgin Trains, USA for branding purposes. The higher-speed train traveling from Miami to West Palm Beach stopped service March 25, 2020 due to the Coronavirus.
LONDON—Two months ago, Richard Branson launched the Scarlet Lady, the first cruise ship in a globe-spanning travel and tourism empire bearing his
Sir Richard Branson
Virgin Group brand.
Today, the cruise ship business is on hold. One of his airlines, Virgin Australia filed for bankruptcy Tuesday. Another, Virgin Atlantic, the high-profile trans-Atlantic shuttle, is asking for financial assistance from the U.K. government.
Mr. Branson, 69 years old, became one of Britain’s best-known billionaires by putting his Virgin brand on an array of businesses, including planes and trains, cola and bridal gowns, often taking an equity stake and licensing fees in exchange. Several of his biggest forays are focused on travel and tourism. Amid the new coronavirus pandemic, he now finds himself at the epicenter of the meltdown in those industries. “This is the moment of truth” for Mr. Branson, said Tom Bower, an author who has written a book about him.