Waterford Wedgwood files for bankruptcy protection; Sharper Image bedding licensed by London Luxury

Crystal and china maker Waterford Wedgwood PLC filed for bankruptcy protection Jan. 5 following failure at attempts to restructure and procure a buyer. David Carson of Deloitte was appointed receiver to the company. The company also confirmed that it received notices of the resignations of directors Sir Anthony O’Reilly, Lady O’Reilly, Redmond O’Donoghue and Patrick Molloy. David Sculley, group CEO for Waterford Wedgwood, said, “I am disappointed that certain of the group’s UK and Irish subsidiaries have had to go into administration and receivership, but we remain optimistic that ongoing discussions will result in a buyer being found for the businesses.” Sir O’Reilly commended the board and the executives, the Irish and UK governments, and the suppliers, customers and employees for their support and efforts. "The board has acted tirelessly in its efforts to resolve the company’s issues as a going concern. And the principal shareholders have invested in support of this business for almost 20 years," O’Reilly said. "We are consoled only by the fact that everything that could have been done, by management and by the board, to preserve the group, was done.”

The Sharper Image has signed a five-year licensing agreement with home textiles manufacturer London Luxury covering the use of The Sharper Image brand and trademarks across a range of categories including bedding and bath products. London Luxury will manufacture and distribute The Sharper Image products to premium retailers in the department, specialty and club channels, as well as other select retail outlets throughout the U.S., Canada and Mexico. London Luxury will introduce its first collection of The Sharper Image licensed products at the New York Home Fashions Market Week in March, with the retail rollout of The Sharper Image bedding and bath lines scheduled for the second half of 2009. Since its acquisition in May 2008, The Sharper Image has operated as a New York-based licensing company. The company is owned by a joint venture between Hilco Consumer Capital, Gordon Brothers, and Bluestar Alliance. London Luxury LLC based in New Rochelle, N.Y., with a showroom in New York City.