NEW YORK, April 4, 2008 /PRNewswire-FirstCall/ -- Liz Claiborne Inc.
(NYSE: LIZ) announced today that it has completed the previously announced
sale of substantially all of the assets and liabilities of prAna to prAna
Living, LLC, a company formed by prAna's management team and Steelpoint
Capital Partners ("Steelpoint"). To ensure a smooth and orderly transition for
retail partners, vendors and employees, Liz Claiborne Inc. has agreed to
provide certain transition services to prAna Living LLC.
About Liz Claiborne Inc.
Liz Claiborne Inc. designs and markets a global portfolio of retail-based
premium brands including Kate Spade, Juicy Couture, Lucky Brand and Mexx. The
Company also has a refined group of department store-based brands with strong
consumer franchises including the Liz Claiborne and Monet families of brands,
Enyce, Narciso Rodriguez and the licensed DKNY Jeans Group. The Company also
offers cosmetics & fragrances. For more information visit
www.lizclaiborneinc.com.
About Steelpoint Capital Partners
Steelpoint Capital Partners is a private equity firm that specializes in
growth capital and management buyouts. With offices in New York and San Diego,
the firm invests in expansion stage companies in the information technology,
media and marketing services, healthcare and consumer markets. Steelpoint's
team draws on extensive operating and investment experience to provide value-
added support to portfolio companies and their management. Representative
investments in the consumer and retail sectors include: Jitterbug, Kid Robot,
Wild Brain, Bag Borrow or Steal, PRN, EAS and Naked Juice. For more
information visit www.steelpointcp.com.
SOURCE Liz Claiborne Inc.
Investors: Robert Vill, +1-201-295-7515, Robert_Vill@liz.com; Media: Jane
Randel, +1-212-626-3408, Jane_Randel@liz.com
