With shares of Liz Claiborne Inc. falling to historic lows, William L. McComb, chief executive officer, tried to ease some frayed nerves at the company by speaking directly to employees, explaining the decline and reassuring them that a lower stock price does not add up to a liquidity problem.

“From where I sit, there is a ‘perfect storm’ of circumstances that, combined, seem to affect our stock price more than others,” said McComb in an e-mail sent to employees Friday, a copy of which was obtained by WWD.

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