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Liz Claiborne seeks Mexx investor as losses rise

Fashion group Liz Claiborne, owner of Juicy Couture, Kate Spade and Lucky Brand, saw its losses increase to $89.9m (£55.2m) in the second quarter, as it announced it is looking to sell off a majority stake in its Mexx brand.

For the three months to July 2, sales rose 3.5% to $555.8m (£341.5m), which surprised analysts who had estimated sales to be $34m less. As a result share prices for the group have since risen. Net losses for the company increased from $86.8m (£53.3m) to $89.9m (£55.2m).

It was previously reported that Liz Claiborne was looking to sell Mexx but chief executive officer William McComb confirmed the group was seeking a financial investor to buy a majority stake in the brand and retailer.

The company plans to close up to 110 loss-making Mexx stores by mid 2012.

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