It’s a sad day. Another iconic company has succumbed to the current economic state. Today Waterford Wedgwood PLC, the maker of classic china and crystal, filed for bankruptcy protection after attempts to restructure the struggling business or find a buyer.
Waterford, Wedgwood and Royal Doulton are quintessentially classic brands that are steeped in a rich history. Wedgwood has been an a beloved name in British pottery for 250 years, and Waterford Crystal traces its lineage to a factory opened in Waterford, southeast Ireland in 1783.
Waterford Wedgwood chief executive officer David Sculley said he was "disappointed" about the bankruptcy filing, but remained confident that a buyer for the company could be found.
Tonight while making dinner I was listening to a commentator on BBC Scotland speculate as to why the group’s U.K. and Irish subsidiaries have had to go into administration and receivership. Some of the blame and speculation was the economy, people scaling back on luxury goods and younger generations not taking an interest in their “grandmother’s” china. I really hope the last of these is not true and a buyer can be found.
It’s my understanding, according to The New York Times, that the remaining subsidiaries, including those in the United States, Germany and Canada, remain unaffected.
