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Waterford Doubles Operating Loss

By Staff -- Gifts and Dec, 12/4/2008 2:36:00 PM

Dublin, Ireland — Glassware vendor Waterford Crystal said the company’s operating losses have more than doubled and it faces daunting challenges, according to Salon.com. Waterford’s losses reached $67.6 million in the 26-week period ended on Oct. 4, compared to $31.2 million in the same period last year.

Waterford has already cut hundreds of jobs and moved much of its production to eastern Europe and Brazil. The company has been considering whether to reduce the Waterford, Ireland, operation to a tourism-only site since at least May, when the Irish government refused to guarantee a proposed 39 million euro loan.

On Thursday shares of Waterford stock traded on the London Stock Exchange at less than one-fifth of a cent.

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Should we be surprised? This company, in my opinion is and has been
poorly managed for years. It lost it's direction and confused consumers
by poor line extension, poor design and it's image of an "Irish Crystal"
product. If one picks up a piece and it could be made in Ireland,
Germany or Slovakia your choice! What is this company's business plan.
Go back to the basics. Cut your loses, product selection and distribution.
Offer your customer the quality, design and character that Waterford was
known for years, and at selective retailers. Big is not necessary better.

Fred Schwartz - 2008-12-05 14:54:00 EST

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