By  on February 17, 2011

NEW YORK — William L. McComb’s protracted and often painful effort to reinvent Liz Claiborne Inc. has produced a series of businesses that are bleeding money and struggling through turnarounds, and one breakout star that just might be the company’s saving grace: Kate Spade.

Claiborne’s loss for the fourth quarter ended Jan. 1 narrowed to $30.1 million, or 32 cents a diluted share, from $41.7 million, or 45 cents a year earlier, but McComb, chief executive officer since late 2006, lowered 2012 profit targets and served up a collection of bad news for Wall Street, sending shares down 7.2 percent to $5.

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