Crystal, china maker collapses

Waterford Wedgwood, the maker of classic china and crystal, filed for bankruptcy protection Monday after attempts to restructure the struggling business or find a buyer failed.

Four administrators from advisory firm Deloitte were appointed to run the company’s businesses in Britain and Northern Ireland, and a Deloitte partner in the Republic of Ireland was appointed as receiver of Waterford Wedgwood, the parent of the British companies, and other Irish subsidiaries.

The British joint administrators said they intended to continue to run the business as they sought 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. The company’s directors -- including Irish publishing magnate Anthony O’Reilly, who along with his brother-in-law Peter Goulandris owns more than half of all Waterford Wedgwood shares -- handed in their resignations.

“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 about 7,700 worldwide, is the latest in a burgeoning list of 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.