The company was founded in 1987 through the merger of Waterford Crystal and Wedgwood, to create an Ireland-based luxury brands group. The firm traced its heritage to the 1780s. The group's constituent companies were Waterford Crystal, with brands including
Waterford,
Marquis by Waterford and a number of Waterford-designer cooperations, Wedgwood (Josiah Wedgwood and Sons), with the range of Wedgwood brands, and English Royal Doulton. The group also licensed its brands to other companies. Private investment company Oak Point Partners acquired the remnant assets, consisting of any known and unknown assets that weren't previously administered, from the Waterford Wedgwood USA, Inc., et al., Bankruptcy Estates on 8 December 2017.
Receivership Sales for the year to 5 April 2008 were €671.8 million, down 9.4% year-on-year. Losses were €231.1 million, up from €71.3 million in the previous year. On 2 April 2008, the CEO, Peter Cameron (previously COO, and prior to that CEO of acquisition All-Clad), resigned, and was replaced by
David Sculley. Operational costs were reduced, with around 4,000 jobs removed or in the process of being removed between early 2005 and late 2008. In October 2008, the shares fell to .001 euro cent. Following the failure of the 2008 share issue and the subsequent defaulting of bank covenants by the company in December 2008, Tony O'Reilly Jr stated in January 2009 that the company was in advanced negotiations with a US private equity company concerning a rescue package, which would result in the bulk of the company's production moving away from the UK and Ireland to Indonesia (where the company already has some production facilities. On 5 January 2009, David Sculley, chief executive officer of Waterford Wedgwood PLC, announced that Waterford Wedgwood had been put into
receivership after the heavily indebted firm had failed to find a buyer. On 27 February 2009, Waterford Wedgwood's receiver, David Carson of
Deloitte, announced that the New York–based
private equity firm KPS Capital Partners had purchased "certain Irish and UK assets of Waterford Wedgwood and the assets of several of its Irish and UK subsidiaries." 176 out of the threatened 480 jobs were saved, although the deal did not include the Waterford site. Its US business filed for
Chapter 7 bankruptcy liquidation in April 2009.
Former directors Following the resignations on 5 January 2009 of the chairman, Senior Independent Director, Lady O'Reilly and a former CEO, and of further directors on the 8th and 9th, and the departure of John Foley, the Board of Directors comprises the below. All resigning directors have also resigned from subsidiary boards. Up to 5 January 2009, the Board of Directors comprised the below, many having served for a decade or more:
WWRD Holdings Limited On 5 January 2009, following years of financial problems at the group level, and after a share placement failed during the
2008 financial crisis, Waterford Wedgwood was placed into administration on a "going concern" basis, with 1800 employees remaining. On 27 February 2009, Waterford Wedgwood's
receiver,
Deloitte, announced that the New York–based private equity firm
KPS Capital Partners had purchased "certain Irish and UK assets of Waterford Wedgwood and the assets of several of its Irish and UK subsidiaries" in a transaction expected to be completed in March. KPS Capital Partners placed Wedgwood into a group of companies known as WWRD, an acronym for "Waterford Wedgwood Royal Doulton". In May 2015,
Fiskars, a Finnish maker of home products, agreed to buy 100% of the holdings of WWRD. On 2 July 2015, the acquisition of WWRD by Fiskars Corporation was completed, including the brands Waterford, Wedgwood, Royal Doulton, Royal Albert and Rogaška. The acquisition was approved by the US antitrust authorities. ==References==