Sales for the year to 5 April 2008 were €671.8 million, down 9.4% year-on-year. Losses were €231.1 million, up from €71.3 million in the previous year. On 2 April 2008, the CEO, Peter Cameron (previously COO, and prior to that CEO of acquisition All-Clad), resigned, and was replaced by David Sculley. Operational costs were reduced, with around 4,000 jobs removed or in the process of being removed between early 2005 and late 2008. In October 2008, the shares fell to .001 euro cent. Following the failure of the 2008 share issue and the subsequent defaulting of bank covenants by the company in December 2008, Tony O'Reilly Jr stated in January 2009 that the company was in advanced negotiations with a US private equity company concerning a rescue package, which would result in the bulk of the company's production moving away from the UK and Ireland to Indonesia (where the company already has some production facilities. On 5 January 2009, David Sculley, chief executive officer of Waterford Wedgwood PLC, announced that Waterford Wedgwood had been put into receivership after the heavily indebted firm had failed to find a buyer.