UPDATE: J. C. Penney Company Accelerates Its Option to Acquire Liz Claiborne Brands From Liz Claiborne

J. C. Penney Company, Inc. JCP today announced that it has reached an asset purchase agreement with Liz Claiborne Inc. LIZ. Under this agreement, the Company will acquire the worldwide rights for the Liz Claiborne family of brands as well as the U.S. and Puerto Rico rights for the Monet brand for $267.5 million.