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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)