13/01/2009

Waterford Workers Hit By Job Cuts

Almost 370 UK workers have been made redundant at Waterford Wedgwood in Staffordshire.

The Tanaiste is now holding emergency talks with the company's union reps this afternoon to discuss employee pension scheme, after it was announced that Waterford's operations had gone into receivership.

Land of Leather has also caused some concern among its customers after calling in administrators and suspending its shares on the British stock market.

The furniture retailer attempted to reassure its customers it will either honour their orders or return their deposits following the news.

The retailer's shares fell more than 99% last year after a slide in sales resulted in a full-year loss.

The company had hoped a strong clearance sale would revitalise the company's margins, but the winter sales figures were disappointing.

The companies website has now been taken offline and is listed as "unavailable".

Last-ditch takeover talks were ended last month after the company said the offers it received would have produced "insufficient value" for investors.

(DW/BMcC)

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