Liz Claiborne Selling Liz Claiborne Brand

Liz Claiborne, Inc. (NYSE: LIZ) yesteday announced that it has entered into definitive agreements to sell its Liz Claiborne, Monet and Kensie brands, and has completed the sale of its Dana Buchman brand, for total cash proceeds of approximately $328 million, of which $308 million represents sale proceeds. The Company has also agreed with Donna Karan International to an early termination of its DKNY® Jeans and DKNY® Active license. Consummation of the Liz Claiborne, Monet and Kensie sale transactions is subject to customary closing conditions, and these transactions are expected to close in the fourth quarter of 2011.

Liz Claiborne, Inc. Announces Transactions Generating Total Cash Proceeds of $328 Million

Agrees to sell Liz Claiborne and Monet brands to J.C. Penney Company, Inc. and Kensie brand to Bluestar Alliance
Completes sale of the Dana Buchman brand to Kohl's
Agrees to early termination of the DKNY® Jeans and DKNY® Active license agreement
Expects year end 2011 net debt to be in the range of $270 to $290 million
Provides updated 2011 and 2012 Adjusted Pro Forma EBITDA Guidance
Mexx joint venture closing remains on target for Q4 2011

Read more news about Liz Claiborne Selling Liz Claiborne, Kensie, and Monet Brands at the Fashion Newspaper.

Learn more about Liz Claiborne on Apparel Search. You can also visit the Liz Claiborne Inc. website.