Waterford Stock Spikes, Loan Extended
Waterford Hires Brand Makeover Co.
By Staff -- Gifts and Dec, 12/10/2008 2:59:00 PM
Dublin, Ireland — Stock prices for Irish tabletop gift vendor Waterford spiked briefly on Wednesday, doubling in price before closing back at .001 Euro. The trading may have been in response to the news that its American subsidiary Waterford Wedgwood USA Inc. hired consumer branding firm Graj + Gustavsen (G+G) to revitalize the company’s fine china and crystal merchandising efforts, rejuvenate the category and “position the Waterford brand for it’s next generation of growth,” the company said in a statement.
The news comes on the heels of Waterford’s announcement of doubled operating losses and ongoing challenges last week. Waterford's senior lenders extended the company's loan forbearance through tomorrow, "while discussions with interested institutional investors continue to be advanced," and Waterford is in negotiations toto further extend the forbearance period. "Assuming progress regarding new investment in the company continues to be made," the company said in a statement, "the directors have reason to believe these senior lender discussions will reach a satisfactory conclusion."
G+G will work closely with Waterford USA CEO David Sculley and senior management. Planned initiatives include collaborating with Waterford and its retail partners to reinvent the fine china and crystal category and wedding and gift registry department, expanding the brand into new product collections and categories and “redefining the entire physical brand experience” with an eye to achieving innovation and increased relevancy.
Simon Graj, Founding Partner of G+G said, “There is a tremendous opportunity to drive growth in the business and to build on the brand equity with a modernized concept that reaches today’s younger consumers.”
Yup they were sleeping. Filed for protection today.
Fred - 2009-01-05 10:40:00 EST
My goodness is the "senior management" of Waterford asleep? There
have been attempts of line extensions and "brand identity" many times
before, with no or very little success. This company is shrinking in size
and revenue, yet they continue to waste money on outside consulting.
Bite the bullet, go back to basics, control your distribution and overhead.
Fred - 2008-12-17 13:22:00 EST
have been attempts of line extensions and "brand identity" many times
before, with no or very little success. This company is shrinking in size
and revenue, yet they continue to waste money on outside consulting.
Bite the bullet, go back to basics, control your distribution and overhead.
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