Big Losses for Liz? Are the Big Gunns Enough for Liz Claiborne to Survive?

We hardly knew ye. Well, we did and that's why it hurts that Whitney Beckett at WWD reports that Liz Claiborne Inc. reported a fourth-quarter loss of $435.7 million, or $4.55 a share, driven by a goodwill write-down of $451 million.

Apparently, "sales for the quarter slipped 3 percent to $1.21 billion from $1.25 billion.For the year, the company lost $372.8 million, or $3.74 a share, down from a profit last year of $254.7 million. Sales for the year fell to $4.58 billion from $4.64 billion."

The question you may want to ask yourself: how many white jackets and shirtdresses can save them? Mr. Issac Mizrahi and Tim Gunn had better be miracle workers. Remember folks, the big Miz' gave up Target for this gig. - Joanne Molina