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MediaBuyerPlanner: Following six straight quarters of lowered profit, Liz Claiborne Inc. plans to make significant cuts at senior levels, slicing as many as 800 jobs. The company is also considering selling or discontinuing 16 of its brands, which lost a total of $15 million to $25 million last year, including unprofitable department-store based brands like Dana Buchman and Ellen Tracy.
The drop in sales to Macy's Inc. has come as department stores are demanding lower prices, according to Bloomberg.
Liz Claiborne also plans to open more than 300 Juicy Couture, Kate Spade, Lucky Brand Jeans and Mexx stores, bringing the total to more than 800. Twenty-five Juicy stores will be added overseas by 2009.
The job cuts and restructuring could save as much as $190 million annually by 2010, the company says.
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