Crystal, China Maker Waterford Wedgwood Collapses

[DainBramaged]

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.''

Waterford Wedgwood, which employs around 7,700 worldwide, is the latest in a burgeoning list of iconic British companies to succumb to the global economic slowdown and credit squeeze. Department store veteran Woolworths, the queen's tailor Hardy Amies, tea and coffee merchant Whittard of Chelsea and fellow ceramics stalwart Royal Worcester and Spode have all filed for bankruptcy protection in recent months.

more at link

http://www.nytimes.com/aponline/2009/01/05/business/AP-EU-Britain-Waterford-Wedgwood.html?em

[leftstreet]

1. Dumb question, but who traditionally buys these types of things?

Are these trinkets for

the 1% Ruling Class
the 10% Bullshitgeois

Any idea?

[DainBramaged]

2. People generally. The United States is enamored of cheap Chinese plastic dinnerware

the rest of the world not so much.

[Indiana_Dem]

4. Mine are all heirlooms. I guess

all of my heirlooms just became worth a lot more! I have passed down tome spode and wedgewood!

[Luminous Animal]

6. If you take good care of them

they can last generations. I am still using some of my grandma's Waterford. Some of the goblets I have are 75-80 years old. My mother replaced a couple and I have replaced a couple. That's quite a bargain. Good heavy crystal is remarkably resilient. When my daughter grows out of being such a klutz, I'll pass them on to her.

[SeattleGirl]

9. I have a piece of Waterford.

I like having a few pieces of really nice crystal, but getting one is the exception, rather than the rule for me.

[elleng]

12. Just retrieved a small Wedgwood vase

I brought from England for my folks 40 years ago. An aunt was a Wedgwood collector. Folks may have some Waterford.

[RebelOne]

13. I have a beautiful Waterford Wedgewood pendant

that I bought in London many years ago. I only paid 35 pounds for it. It probably worth quite a bit more now.

[JVS]

14. People who have been invited to weddings.

[Mojorabbit]

3. How sad

I love my waterford. It seems these companies have been around my entire life.

[MazeRat7]

5. These folks were the best at making crystal.... I'm without words

While I know my collection of crystal from them will certainly rise in value, it was never about that, but rather about the craftsmanship, the legacy, and the company.

Things will never be the same where this art is concerned, the best of the best has been closed.

A sad statement about our "new" world.

Peace,
MZr7

[Indiana_Dem]

8. I have 6 wedgewood plates that are dated around the late 1800s/early 1900s.

They are white with raised blue flowers around the inner rim. I love them. My Irish great grandparents were the original owners.

I agree with you, it was never about hoping/thinking they would go under!

[ColbertWatcher]

7. Wow. I'm genuinely shocked by this news. n/t

[DainBramaged]

10. The link to one of the last bastions of craftsmanship in the world

http://www.waterfordwedgwood.com/


Craftsmanship and England, seem to go together. Too bad our definition of craftsmanship got outsourced a couple of decades ago.

[pnwmom]

11. People who want them still register for them for wedding presents.

It's set up so you can just buy someone a plate, or a cup and saucer. If enough people do that, the newlyweds end up with a set.