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Struggling Liz Claiborne to sell some brands for $328 million, change its name
NEW YORK (AP) ' Liz Claiborne Inc., which hasn't had an annual profit since 2006, is planning to sell several brands, including its namesake business, and will change its name.
The company said Wednesday that it will focus on its Juicy Couture, Lucky Brand and kate spade brands, and says the name change will reflect that. It hasn't picked a new name yet.
It expects to generate about $328 million from its sales of the Liz Claiborne and other brands.
Its stock jumped $1.65, or 32.4 percent, to $6.75 in premarket trading.
The company is selling its Liz Claiborne brands and Monet jewelry brand to department store operator J.C. Penney Co. for about $288 million. It is also selling the Kensie brand to Bluestar Alliance and has closed on the sale of its Dana Buchman brand to Kohl's Corp for about $40 million.