Liz Claiborne (LIZ) and Narciso Rodriguez Terminate Business Agreement
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Liz Claiborne Inc. (NYSE: LIZ) and Narciso Rodriguez today announced that they have agreed to terminate their business relationship initiated in May 2007.
As a result of this agreement, Narciso Rodriguez will regain full ownership of the trademarks and business bearing his name. Liz Claiborne Inc. will provide certain limited transition services as the operations transfer fully to Narciso Rodriguez. The company is in the process of determining the impact of the non-recurring cash charges, which will be insignificant to the company's cash flows, and non-cash charges associated with this transaction. The operating results of the Narciso Rodriguez brand and the impact of this termination will be included as discontinued operations in the company's financial statements.
Liz Claiborne, Inc. engages in the design, marketing, and retail of a range of apparel, accessories, and fragrance products worldwide.
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