Liz Claiborne Announces Asset Sale Transactions Generating Total Cash Proceeds of $328M;

Liz Claiborne, Inc. LIZ today 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.