From Yahoo news:

If you love antiques or collected Wedgwood pieces over the years like me, you’ll find the  following article heartbreaking:

LONDON – 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.

“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.

Wedgwood has been an iconic name in British pottery for 250 years, after its founder Josiah Wedgwood opened the first factory in Stoke-on-Trent, central England, in 1759. It began making bone china in the 19th century.

Waterford Crystal traces its lineage to a factory opened in Waterford, southeast Ireland in 1783, although that business failed in the 1850s. The brand was revived by Czech immigrant Miroslav Havel in 1947.

Waterford acquired Wedgwood in 1986 to form the present company, listing on the stock exchange and expanding overseas in the 1990s before buying fellow Stoke-on-Trent ceramics maker Royal Doulton in 2005.

Much of the business has now shifted offshore, where it employs 5,800 people, including 1,500 people at a plant in Jakarta, Indonesia, which produces most of the company’s ceramics. The majority of its crystal production has been handed to Eastern European subcontractors.

The company employs a work force just a third of that size at 1,900 in Britain, including around 600 in Stoke-on-Trent and 800 in Waterford.

Waterford Mayor Jack Walsh said the closure of the crystal factory would deal a cultural and psychological blow to all of Ireland, noting that the crystal plant was one of the country’s top tourist attractions and the product “one of only a handful of iconic Irish brands.’

“Given this, it is of major strategic importance that this company not be allowed to slip into oblivion,” Walsh said.

The Deloitte administrators said the company has “benefited from significant shareholder support” in recent years as the management team tried to restructure the business.

“However, as trading conditions deteriorated, it became apparent that a restructuring of the businesses could not be achieved in an acceptable timescale,” they said in a statement.

A subsequent alternative strategy to find a buyer also failed, they added.

Waterford Wedgwood chief executive officer David Sculley said he was “disappointed” about the bankruptcy filing, but remained confident a buyer could be found.

Under the administration process, administrators are appointed to salvage as much of the company as possible for the benefit of its creditors. While they may do so by selling the company as a going concern, they can revert to a break-up to recoup as much money as possible from assets if a buyer for the whole business cannot be found.

The receivership process in Ireland follows a similar path.

Waterford Wedgwood announced last month that it had been forced to ask its chief creditors for “forbearance” because the company could no longer pay its loans on time or in full. It also revealed falling sales and increasing first-half losses, and said its survival depended on securing new investment.

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Associated Press Writer Shawn Pogatchnik in Dublin, Ireland, contributed to this report.

deletereply starfishred wrote on Jan 5, ’09 really sad but I have been wondering about waterford because their stuff has been hard to find-dsad though my china is wedgewood and my crystal is waterford really sad-

editdeletereply lauritasita wrote on Jan 5, ’09 Heidi, I have mostly blue Wedgewood pieces, but I also have a few pink ones which are considered very rare with antique dealers. Hold on to your stuff.

deletereply instrumentalpavilion wrote on Jan 5, ’09 Seems to be going around these days. We live in crazy times….thanks as always for sharing.   Fred

editdeletereply lauritasita wrote on Jan 5, ’09 I actually inherited a couple of blue pieces from one of my in-laws. I’ll always cherish them.

deletereply instrumentalpavilion wrote on Jan 5, ’09 lauritasita said I actually inherited a couple of blue pieces from one of my in-laws. I’ll always cherish them. That’s great, you definitely want to hold on to that stuff.

deletereply sweetpotatoqueen wrote on Jan 5, ’09 I’m a Wedgewood lover myself and own a set of beautiful china. I don’t use it often as it’s “good  china” but when I do I enjoy the beauty of eating off something with such exquisite craftmanship. Sadly, I think with such casual lifestyles,Wedgewood has a limited appeal to most folks. ( I recently tried to find a breadbasket for a formal table and couldn’t believe how hard it was to find something that wasn’t casual.) FYI: For anyone looking for Wedgewood  pieces here is a great company. http://www.replacements.com/

editdeletereply lauritasita wrote on Jan 5, ’09 Thanks, sweetpotatoqueen. I happen to love Wedgewood. I even have Wedgewood blue wallpaper in one of my bathrooms. Like I said, the pink ones are rare.

deletereply stillybee wrote on Jan 5, ’09 The price of this beautiful stuff just went UP I bet….yet I hold onto mine =)

deletereply justy47 wrote on Jan 5, ’09 Not so big on Wedgewood but I do love Waterford. I bought my first piece, a ring holder in 1979. I once had a whole set of bowls, platters, High and low balls, wine and water goblets and two pitchers. My collection is now down to the 6-high and 6-low balls, a honey pot, 2 vases and the ring holder. I sold the rest 🙁  Sometimes you just have to make a choice. Bills or collectables. Times are tough all over it seems……………………

editdeletereply lauritasita wrote on Jan 5, ’09 The prices for all this stuff will skyrocket now.

deletereply tulipsinspring wrote on Jan 5, ’09 This is heartbreaking. I have a special love for Waterford crystal. I hope they all can continue to make the products as they always have. What a nightmare the economy is!

editdeletereply lauritasita wrote on Jan 5, ’09 I agree with you completely, Cathy, that’s why I posted this. It’s really terrible.

deletereply johnthad wrote on Jan 5, ’09 Okay, I’m mixed on this.  Lovely stuff and I’m sorry to see them go, but it’s about 20 years to late to help with those credit charges.

deletereply terryridgway wrote on Jan 7, ’09 Interestingly, the Wedgwood company at Stoke on Trent is only thirty or so miles from our house, the local news yesterday reported that there is a small hope that they could be saved, however they were having a huge sale over the weekend with 80% reductions…. time to buy !!!!

editdeletereply lauritasita wrote on Jan 7, ’09 OMG, I wish I could be there !

deletereply slohomeles wrote on Jan 7, ’09 I must admit, I’ve never heard of Wedgewood… but you’re correct: it is a “heartbreaking” article – especially with as long as they’ve been in business… 250 years. It’s sad how many “historic” things are being lost due to the current global economic meltdown…

editdeletereply lauritasita wrote on Jan 7, ’09 Michael, Waterford Wedgewood has been a household name for many years. If you go on their site, you’ll see so many beautiful things they are famous for producing.