Crystal, china maker Waterford Wedgwood collapses

[CatWoman]

LONDON — Waterford Wedgwood PLC, the maker of classic china and crystal, filed for bankruptcy protection on Monday after attempts to restructure the struggling business or find a buyer failed.

Four administrators from business advisory firm Deloitte were appointed to run the company's businesses in Britain and Northern Ireland, while a Deloitte partner in the Irish Republic was appointed as receiver of Waterford Wedgwood PLC, the ultimate parent of the U.K. companies, and other Irish subsidiaries.

The U.K. joint administrators said they intended to continue to run the business as they seek a buyer. Trading in the company's shares was suspended on the Irish Stock Exchange where they languished at just one-tenth of a euro cent and the company's directors — including Anthony O'Reilly, the Irish publishing magnate who along with his brother-in-law Peter Goulandris owns more than half of all Waterford Wedgwood shares — handed in their resignations.

"Waterford, Wedgwood and Royal Doulton are quintessentially classic brands that represent a high quality product which is steeped in history," the administrators said in a statement. "The administration team will be working closely with management, customers and suppliers during this time to ensure operations continue whilst a sale of the business is sought."

http://www.ajc.com/business/content/shared-gen/ap/Finance_General/EU_Britain_Waterford_Wedgwood.html?imw=Y

[pl259]

1. So why didn't they just make their china in China?

:shrug:

[RC]

4. That's not even funny.

All we'd have then is glass imitation crystal.

[Quantess]

15. But, that would give the Chinese a legitimate use for melamine!

[Javaman]

19. actually at least some is...

I was at costco over the weekend and they had waterford crystal on display.

on the bottom of the glass? a sticker: made in china.

http://www.newsday.com/business/nationworld/sns-ap-as-indonesia-saving-waterford-wedgwood,0,3150625.story

http://archives.tcm.ie/waterfordnews/2008/02/22/story27967.asp

[hlthe2b]

2. Ahh.... Irish Waterford Crystal.....?

I hope they find a way to survive...They are such a historically important company for Ireland.

[CatWoman]

3. me too

I love Waterford Crystal.

[Greyhound]

5. Is this another loss brought about by "cheap is better than good"?

Is there any end to this? It is killing industry after industry and we all pay the price.

[SoCalDem]

18. and by "inviting" too many greedy "investors" into a company

when enough of them decide they are not making enough money, companies end up having to be sold..

It's legalized extortion..

Companies enter the world of make-believe when they start taking on more and more investors, because those investors are looking at the bottom line...ONLY..and don't give a crap about the companies they invest in, or what products they make..except for the money they get as dividends.

[LibertyLover]

6. I really hope that Waterford Crystal can be saved -

I need a some pieces of Lismore to replace some cracked pieces in the stemwear I inherited from my mom. Not to mention the fact that I just started to collect their 12 Days of Christmas flutes.

In all seriousness, Waterford is an important trade item for Ireland, not to mention beautiful, and I hope that it does rebound and do well.

[a kennedy]

7. D*mn........

I've got a pattern named after me........."Colleen" and needless to say it's beautiful :rofl: the crystal not me.....:rofl: I only have one piece.....

[virgdem]

10. I feel your pain...

I have 93 pieces of Coleen glasses that I inherited through my mother-in-law and I would hate for the company to disappear. I hope they can save it somehow, as it would be a great loss to those of us who love and collect Waterford and Wedgewood.

[Cleita]

Noooooooh! My favorite products that I can't afford. LOL!

No these are artisans and they need to be saved. We have too much cheap crap floating around.

[KamaAina]

8. So is this now officially the "Crash of '08/'09"?

:shrug:

[Occam Bandage]

9. I hope they can work it out. Waterford crystal is iconic. nt

[Medusa]

12. Wedgewood is too

it's been around forever, just like Waterford Crystal.

[anigbrowl]

11. Ironic...they supplied the ball that drops for the NYC New Year's party

Interesting too that all the management quit. One-tenth of a Euro cent? Wish I'd known, that'd be worth putting $50 into.

[SidneyCarton]

13. Crap.

There goes Mrs. Carton's china pattern...

[helderheid]

14. So sad.

[Raksha]

16. I hope Waterford/Wedgewood can be saved.

Not that I can afford anything like that, but those are classic brands.

[NoPasaran]

17. I hope someone can pick up the pieces

[kwassa]

20. The Average White Band can Pick Up The Pieces!

Some musical inspiration for Wedgewood

http://www.youtube.com/watch?v=FgKz_pCVaOc

[Odin2005]

21. Oh no, not Wedgewood!

My mom's china cupboard is full of beautiful Waterford-Wedgewood china and crystal. It would very sad if such iconic brands disappeared.