Basic optimisation advise

[kettlewell]

I'm agreeing with homeexec... there are some fundamentals with your site that should have been done

Title tags appear OK, but I would have done them differently -
The meta keywords/descriptions are goofy and not helping
The navigation links on the ordering page are not optimal (not even close for handbags keywords)
The descriptions of the products need more meat
the news page needs to be text - not images (javascript links at that)
The title on the News page says "coming soon" - that can't be good

Looks like there was in deed some high PR sites that are no longer linking to your site.... sounds a bit shady to me, but without the details it's hard to know what happened... Google changes every so often as well

Hope that helps

Matt