A fashion company Liz Claiborne Inc. reported a first-quarter loss of $31 million, or 33 cents a share. The previous year the company earned $16.2 million, or 16 cents.
Liz Claiborne predicted that its second-quarter profit would be weak after department stores and retail chains lowered prices. It lowered its full-year profit forecast to $1.40 - $1.60 a share from its previous projection of $1.50 - $1.70.
The company has also cut 1,300 jobs, including 25 percent of its executive positions, and closed three distribution centers in restructuring effort.
Liz Claiborne was founded in 1976 in New York City to market a wide range of women's and men's apparel, accessories and fragrance products. With over 40 brands, flagships include Liz Claiborne, Mexx, Juicy Couture, Kate Spade and Lucky Brand Jeans. The company sells directly to customers throughout the world through 399 specialty retail formats, 625 concessions, 336 outlet and 13 e-commerce sites.