"Liz is not the only fashion apparel retail company going through a difficult period," said board member Bernard W. Aronson, managing partner of ACON Investments LLC. "The earnings miss was not because of errors in execution or strategy. These are broad long-term trends, and to Liz's credit, we understood these trends and adopted this strategy to deal with it."

Aronson added that he thinks the bad news is behind the company, and points to progress the company has made with Juicy Couture, restructuring, cost savings, selling off less profitable businesses and hires like Tim Gunn and Isaac Mizrahi.

"The old strategy just wasn't going to work, and we knew a change of this magnitude would take time and have ups and downs," said board member Daniel A. Carp, retired ceo and chair of Eastman Kodak Co. "While we don't like to be doing this in the face of headwinds from the economy, we are very pleased with the results. We're watching it every quarter, and as long as we continue to see good progress, we are comfortable not looking at changes in the strategy."

Brad Stephens, a retail analyst for Morgan Keegan & Co. Inc., doesn't see a light at the end of the tunnel and worries the company will miss even its adjusted earnings projection of $1.50 to $1.70 a share for 2008. But even Stephens argues for patience.

"Absolutely McComb needs more time," he said. "The earnings miss proves how much his strategy was right: how vulnerable the company is to whims of department stores."

Analyst Jennifer Black said she thinks the board will give McComb at least two years from his November 2006 start date, and added that the board shouldn't shake up leadership during the planning for fall and holiday. Moreover, the impact of new hires — from Deborah Lloyd at Kate Spade to Mizrahi for the Liz Claiborne brand — won't be fully seen until the spring 2009 collections.

Until then, the Claiborne board backs McComb. "I have full confidence in our ceo, Bill McComb. I have full confidence in the team he is putting together, and I have full confidence in the strategy we are now implementing," said board member Nancy J. Karch, director emeritus of McKinsey & Co. "Unfortunately, we are in tough market times."