Liz Claiborne Inc. chief executive officer William L. McComb said the restructuring at the company is about 80 percent complete. The remaining 20 percent of the task will likely result in more cuts in 2009, sources indicated.
The $4 billion vendor has trimmed 1,500 jobs and $265 million in costs in the last two years. But McComb said reduced consumer spending in the recession and investor fears that the credit drought might prevent the company from getting a $650 million asset-based revolver loan have helped push down Claiborne’s stock price to as low as $1.46, compared with a 52-week high of $22.78.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"