China maker Waterford Wedgwood calls in receivers

By Andras Gergely

DUBLIN (Reuters) - Ireland's Waterford Wedgwood, whose luxury tableware was once a mainstay of wedding gift lists worldwide, has called in receivers and placed two of Britain's most venerable china makers into administration.

The heavily indebted maker of Waterford crystal, one of Ireland's most famous brands, also asked on Monday that its shares be suspended from trading on the Irish Stock Exchange after failing to buy more time from creditors.

The owner of British potter Wedgwood, founded 250 years ago by Josiah Wedgwood -- one of the fathers of the industrial revolution -- and whose tea and dinner services have graced royal tables ever since, had warned in December that it would not be able to pay interest to bondholders.

The global financial crisis and ensuing economic slowdown has already claimed a raft of casualties in the British retail sector, including Woolworths, which is set to close this week with the loss of 27,000 jobs.

Administrators for children's wear chain Adams said on Monday they would close 111 UK stores and make 850 staff redundant while administrators at Passion for Perfume said they had cut 194 jobs as they seek a buyer for the fragrance retailer.

Waterford Wedgwood said a grace period given by its lenders had expired and not been renewed, but it remained optimistic an investor would save the group, whose stable of brands also includes Royal Doulton, known for its fine china tableware and figurines.

The group has some 8,000 employees worldwide, including 1,900 working in manufacturing and retail in the United Kingdom and 800 in Ireland. It also employs 1,000 workers at Germany-based porcelain maker Rosenthal.

The company, which last year unsuccessfully sought a loan from the Irish government, has already cut or moved a lot of production to Asia, leaving 1,500 manufacturing jobs in Indonesia, 600 in the United Kingdom and 450 in Ireland.