By  on May 14, 2008

Liz Claiborne Inc. chief executive officer William L. McComb's tale of two cities analogy continues to haunt him.

On Tuesday the company posted a first-quarter loss of $31 million, or 33 cents a diluted share, down from profits of $16.2 million in the first quarter of 2007. The bottom line was hurt by $44 million in restructuring costs.

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