Waterford Enters Bankruptcy

Struggling icon of British Isles couldn't find a buyer
By Matt Cantor,  Newser User
Posted Jan 5, 2009 11:00 AM CST
A Waterford Wedgwood shop is seen in central London, Monday Jan. 5, 2009.    (AP Photo/Matt Dunham)
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(Newser) – After failing to find a buyer, five years of losses have driven Waterford Wedgwood into receivership, Bloomberg reports. Deloitte Ireland has been named receiver for the iconic  crystal- and china-maker that built Times Square’s New Year’s Eve ball. If no new financing emerges, 1,900 Irish and British jobs are at risk. The company was hit hard when the dollar plunged against the euro.

A drop in luxury-goods purchases also hurt the Dublin-based firm, which dates back to 1759, the AP reports. Waterford will continue to function as Deloitte looks to sell it. “We remain optimistic that ongoing discussions will result in a buyer being found for the businesses,” said Deloitte’s CEO. The loss of "one of only a handful of iconic Irish brands" would wound the country as a whole, an official noted.