February 17, 2011
By Staff Reporter
And as it did so, uncertainty was hanging over the jobs of hundreds of people, most of them employed at the company’s plant in Waterford City, for years a mandatory stop for Americans visiting Ireland.
As the company, the full name of which is Waterford Wedgwood, faced possible closure, a receiver was appointed and trading in its shares on the Irish Stock Exchange suspended.
A receiver is also expected to be appointed to Waterford Wedgwood operations in Britain where 1,900 jobs are at risk.
The Irish Times reported Waterford chief executive David Sculley as saying that he was “disappointed” that some of the group’s subsidiaries had gone into administration and receivership.
“But we remain optimistic that ongoing discussions will result in a buyer being found for the businesses,” he said.
Waterford is known the world over for its Waterford and Royal Doulton crystal products, as well as Wedgwood pottery. It has been suffering loses for the past five years.
“The board has acted tirelessly in its efforts to resolve the company’s issues as a going concern,” said non-executive chairman of Waterford Wedgwood, Sir Anthony O’Reilly.
An Irish Independent report stated that the company blamed “total mayhem” in global markets for the dramatic downturn in its fortunes. The company recorded a pre-tax loss of