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Struggling retail giant Liz Claiborne (NYSE: LIZ) has hired turnaround consultant Alvarez & Marsal to help it cut costs and stem losses at the insistence of its creditors.
"We told [the lenders] that we've been doing everything we can to manage receivables and control inventory," Liz CEO Bill McComb said in an interview with The New York Post. "In the spirit of that, we said we would hire a consultant."
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