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View Diary: Irish Workers Occupy Waterford Crystal Factory (277 comments)

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  •  Not a cost-cutting measure. (9+ / 0-)

    Waterford is bankrupt. The company is no longer in control. Nada. Finished Kaput. The receiver is selling off the assets to pay off the creditors. I assume its name will bring in money.

    curiosity killed the cat, but satisfaction brought her back

    by graycat13 on Sat Jan 31, 2009 at 11:08:53 AM PST

    •  Time for a worker takeover. n/t (2+ / 0-)
      Recommended by:
      3goldens, farbuska

      Comments Signature: This will get attached to your comments.

      by Gravedugger on Sat Jan 31, 2009 at 11:18:51 AM PST

      [ Parent ]

      •  And who will pay to run it? eom (1+ / 0-)
        Recommended by:
        Asak

        curiosity killed the cat, but satisfaction brought her back

        by graycat13 on Sat Jan 31, 2009 at 11:29:27 AM PST

        [ Parent ]

        •  I'm making an assumption (9+ / 0-)

          I'm assuming the current owner over-leveraged and is in the process of peeling off assets. I'm assuming that the Waterford factory is profitable, since they are looking to sell it, or at least the brand.

          If it is, it can be run as an employee-owned business. The model is simple: The employees serve as both workers and shareholders. As shareholders, they elect a board, management, and make capital expenditure decisions.

          The profit from the factory will pay to run it, assuming it is, in fact profitable.

          Comments Signature: This will get attached to your comments.

          by Gravedugger on Sat Jan 31, 2009 at 11:44:47 AM PST

          [ Parent ]

          •  He isn't selling it. (5+ / 0-)
            Recommended by:
            Asak, BachFan, Gravedugger, BYw, Neglected Duty

            The company is bankrupt. The receivers are selling off the assets. From what I've read(including the articles linked above), only Wedgewood's ceramics factory in Asia( which has a union hall and health  clinic by the way)is profitable. It is being sold too. The factories in England and Ireland are all losing money.

            According to the Guardian, the owner has put in hundreds of millions of pounds to try to make it profitable.

            I am sure if the employees can find the capital to buy it they can.

            curiosity killed the cat, but satisfaction brought her back

            by graycat13 on Sat Jan 31, 2009 at 11:53:17 AM PST

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        •  Why don't we? (2+ / 0-)

          I'd buy into a worker cooperative.

          •  And then you'd go bankrupt too... (0+ / 0-)

            because if no one wants your goods, or not enough do, then you won't make any money.  End of story.  Doesn't matter how the ownership is structured.  

            Don't like XOM and OPEC? What have YOU done to reduce your oil consumption? Hot air does NOT constitute a renewable resource!

            by Asak on Sun Feb 01, 2009 at 02:18:05 AM PST

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    •  Only if the reciever can get past the workers (0+ / 0-)

      Welcome to a changing world.

      Watch "The Take".

    •  Slash and burn receivership (2+ / 0-)
      Recommended by:
      brein, island in alabama

      While it would be less profitable to Waterford investors & receivers, it would be far better to help Waterford find a way to stay in business.

      Shipping the jobs overseas would destroy the 200 year old brands of Waterford and Wedgewood, all for short term financial gain.

      They can keep Waterford viable if they choose to.

      There's an innate tendency on the part of even the elite to idolize men who are making a lot of money, and assume that they know what they're doing. PK

      by Betty Pinson on Sat Jan 31, 2009 at 03:20:24 PM PST

      [ Parent ]

      •  From what I understand, (1+ / 0-)
        Recommended by:
        Asak

        Waterford was forced into receivership when it could not come to an agreement with its creditors. Wedgewood/Royal Doulton/Waterford is 400 million pounds in debt.
        Lenox China filed for bankruptcy in the us in November.

        I doubt if Waterford investors will get much out of this. The creditors will get paid.
        BBC says a US equity firm is the probable buyer.

        People are just not buying fine china and crystal anymore. The company can not be sustained by the uber rich.

        curiosity killed the cat, but satisfaction brought her back

        by graycat13 on Sat Jan 31, 2009 at 06:31:30 PM PST

        [ Parent ]

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