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Liz to sell few brands & exploring options for new name

13 Oct '11

5 min read

Mr. McComb continued: "We are providing updates to our previously stated 2011 and 2012 adjusted EBITDA guidance to reflect our latest forecast and the impact of these transactions. Our previous 2011 adjusted EBITDA guidance range of $100 to $120 million has been revised to a pro forma range of $80 to $90 million. This pro forma approach revises 2011 and 2012 adjusted EBITDA guidance by eliminating full year profits and losses associated with recent portfolio changes. Our previous 2012 adjusted EBITDA guidance range of $180 to $220 million has been revised to a range of $130 to $150 million, which assumes that the Mexx joint venture transaction and the transactions associated with announcement close in the fourth quarter."

Mr. McComb concluded: "Over the past few years, we have worked diligently to turn this into a more efficient, dynamic, brand-centric, retail-based company, and today marks the culmination of these efforts. At the close of these transactions, at a time when most economists in the world are now agreeing that major European and the US markets are facing significant risks of another recession, we will be a more appropriately levered, more capital efficient, growth-oriented company. As such, we are exploring options for a new corporate name that will better reflect our keen focus on building and growing our three global lifestyle brands - Juicy Couture, Lucky Brand and kate spade. We will share the new name for the corporation at the appropriate time."

Liz Claiborne, Inc. will sponsor a conference call at 9:30am EDT on Wednesday, October 12th to discuss this transaction. The dial-in number is 1-888-694-4676 with pass code 18157122. The web cast and slides accompanying the prepared remarks can be accessed via the Investor Relations section of the Liz Claiborne website. An archive of the webcast will be available on the website. Additional information on the results of the Company's operations is available in the Company's Form 10-Q for the second quarter of 2011, filed with the Securities and Exchange Commission.

Liz Claiborne, Inc. designs and markets a global portfolio of retail-based premium brands including Juicy Couture, kate spade, Lucky Brand and Mexx. The Company also has a refined group of department store-based brands with strong consumer franchises including the Monet family of brands, Kensie, Kensiegirl, Mac & Jac, and the licensed DKNY Jeans and DKNY Active brands.

Liz Claiborne Inc

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