Debbie,
Waterford Wedgwood did, as you say, go into receivership, but they were bought by an American venture capital company (KPS) earlier this year, and, as I undestand it, are restructuring in order to carry on producing. It may be Chinese Whispers, but I did hear that outsourcing was being reconsidered (but that might be a hope that just got converted in the re-telling!!).
IMHO part of the downfall was the lowering of the quality of a world renowned product, through outsourcing. It was quite possibly part of the complex downfall of the company(s), along with the rates of exchange, etc, etc...
Oh, a sense of proportion, not everthing was outsorced, I believe the expensive quality items continued to be made in Ireland.
Nigel