By IANS,
London : Waterford Wedgewood, the 250-year-old fine china and glassware firm, has gone into administration — the latest British iconic brand to be hit by the economic slowdown.
The choice of royals and the well-heeled the world over, the company had become a byword for global standards in tableware design and manufacturing.
Despite outsourcing production to Indonesia, the company has had to face a tough environment as formal dining has given way to more relaxed habits and cheaper competitors.
Deloitte, which was appointed as administrator to seek buyers, said Monday failed buyout talks and poor trading meant restructuring could not happen “in an acceptable timescale”.
“Waterford, Wedgwood and Royal Doulton are quintessentially classic brands that represent a high quality product which is steeped in history,” said joint administrator Angus Martin.
“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.”
The company will continue to trade as a going concern.
The company employs 1,900 workers in Britain and 5,800 outside the country, the bulk of them in a manufacturing centre outside the Indonesian capital of Jakarta.