In yet another sign that the economic crisis is indeed worldwide, Waterford Wedgwood PLC, makers of high-end crystal and china, filed for bankruptcy protection in the U.K. on Monday. The company had been in financial trouble for a while, and was seeking to restructure or find a buyer. When those options failed, the next step was the bankruptcy filing.
Trading of the company’s stock on the Irish Stock Exchange was suspended, as shares reached a low of one-tenth of a euro cent.
Waterford has been around in one form or another for some 250 years, and currently employs nearly 7,700 people worldwide. There’s still a chance that a buyer or new investors can be found, but barring a miracle, it’s likely that factories will start shutting down.
The only Waterford product I own is a crystal photo frame that was given to me as a wedding gift. It’s a very nice piece, and I still use it to this day. I also gave a lot of Waterford products as gifts in turn, so I’m a bit sad to see the company go under.
When will all this turmoil end?