Clothes maker Liz Claiborne Inc. (NYSE: LIZ) sold its namesake brand, among other things, to J.C. Penney Co. (NYSE: JCP) last October for about $328 million. Other brands were sold to Kohl’s Corp. (NYSE: KSS) and a privately held financial services company.
The clothes maker will now rename the company as Fifth & Pacific Cos. and change the company’s stock symbol to “FNP”. The change will take effect about mid-May.
Claiborne had piled up debt and was hit hard by the jump in cotton prices last year, forcing it to sell its Liz Claiborne, Monet, Kenzie, and Dana Buchman brands, while retaining Juicy Couture, kate spade, and Lucky Brand.
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