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October 2011 News: J.C. Penney Co. said Wednesday that it had reached an agreement with Liz Claiborne Inc. to pay $267.5 million for the Liz Claiborne brands and fashion-jewelry brand Monet. Penney has been the exclusive licensee for all Liz Claiborne and Claiborne-branded merchandise in the U.S. and Puerto Rico since August 2010. The original 10-year agreement allowed Penney to exercise its rights to purchase the brands after the fifth year of the agreement, but the terms were accelerated.
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