By  on September 5, 2011

Liz Claiborne Inc., which has been cutting deals to pay down debt and focus on Kate Spade, Juicy Couture and Lucky Brand, has finally solved its Mexx problem.

The company inked a deal to sell a majority of the loss-leading division to The Gores Group for about $85 million. The move comes on the heels of another agreement last month that raised $58.4 million from Elizabeth Arden Inc., which will make lower royalty payments on fragrance businesses tied to Claiborne’s brands. And in 2009, the company licensed its mature Liz Claiborne brand to J.C. Penney Co. Inc., giving the retailer an option to buy the name.

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