Private equity shop buys Waterford Wedgwood out of bankruptcy

Waterford Wedgwood's bankruptcy earlier this year was a crystal-clear sign that luxury products weren't immune from the ravages of worldwide recession. Now an investment firm with an appetite for troubled companies is buying the fine porcelain and glassware maker and plans to use the company to power a high-end shopping spree.

KPS Capital, a New York-based private equity firm, wouldn't say how much it paid for Waterford Wedgwood. New CEO Pierre de Villemejane said most of its competitors are struggling, "presenting a significant opportunity to consolidate the industry worldwide."