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Waterford Wedgwood Placed in Receivership After Failing to Find Buyer
 Waterford Wedgwood PLC has filed for bankruptcy protection and appointed administrators as the company struggles to find a buyer in this difficult climate. Waterford Wedgwood is a luxury lifestyle group with four brands - Waterford Crystal, Wedgwood, Rosenthal and Royal Doulton. The company's origin dates all the way back to 1759. Waterford Wedgwood's Waterford Crystal division created the triangle crystals for this year's Time Square Ball. The WSJ says the china, crystal and glassware maker never recovered after a luxury sale slump began following September 11th.
Group Chief Executive David Sculley said he is "disappointed" by the development but remains "optimistic that ongoing discussions will result in a buyer being found for the businesses."
Former Chief Executive Redmond O'Donoghue blamed the move on "mayhem in the marketplace" over the past three months and a lack of forbearance from U.S. banks. "We needed more time," he told state broadcaster RTE Radio. The company requested that its shares immediately be suspended from trading on the Irish Stock Exchange.
Waterford Crystal's historic appeal to Americans was also overtaken by a new breed of fashion-conscious buyer, shopping in midmarket stores and bargain hunters shopping for less-expensive, secondhand products.
Bloomberg says Waterford's German and U.S. units are not included in the receivership, which is a form of bankruptcy. See also the Financial Times, New York Times and the AP for more details about the company's ongoing problems.
Posted on January 5, 2009
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