NEW YORK— A deal between giant Liz Claiborne Inc. and Ellen Tracy could come any day now.

While any agreement could be derailed by last-minute hiccups, sources said that Claiborne, the $3.4 billion diversified apparel firm, is already restructuring in anticipation of completing the acquisition of Ellen Tracy, the $250 million bridge sportswear company. Reports that Claiborne was negotiating with Ellen Tracy appeared in WWD last month.

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