Waterford Wedgwood calls in receivers

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Yellow Belt
Waterford Wedgwood, the china and crystal group, has called in receivers and said some subsidiaries are expected to be placed in administration later today.

Waterford Wedgewood has called in administrators.

The retailer, which is controlled by Irish media tycoon Sir Anthony O'Reilly and whose brands include Waterford Crystal, Wedgwood and Royal Doulton, said receivers have been called in to the Irish-based parent company and some of its subsidiaries.

Waterford Wedgwood has also requested that trading in its shares on the Irish Stock Exchange be suspended and Deloitte is likely to be appointed as administrators for Waterford Wedgwood UK plc and "certain UK subsidiaries" later on Monday.

The company, founded 250 years ago, employs around 1,570 staff in the UK and Ireland and has 19 stores as well as 120 concessions in larger department stores. It has 600 staff at its manufacturing base in Barlaston, Stoke-on-Trent, 170 in its stores, and 800 in Waterford, Ireland.
Waterford Wedgwood is the latest retailer to run in difficulties amid the economic downturn with Woolworths, Zavvi, and The Officers Club among the businesses to fall into administration. Trading updates from some of the UK's biggest retailers, including Marks & Spencer, are this week expected to reflect dismal conditions on the high street over Christmas.

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