Liz Claiborne Plunges as CFO Will Leave

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Liz Claiborne (LIZ) fell 13% after announcing that CFO Andrew Warren will leave as of March 16, and the company is seeking his replacement.

The company also said it now expects 2011 EBITDA to come in at the low end of its previous guidance for $80 million to $90 million. It* lowered 2012 guidance to a range of $125 to $140 million, versus the previous range of $130 to $150 million. The Juicy Couture brand appears be weighing on results.

“This new range appropriately reflects a more cautious view of how much cost reduction we can achieve in 2012 versus 2013 as well as a more conservative outlook for the wholesale channel at both Juicy Couture and Lucky Brand,” the company said in a statement.



Original Article Source by Barrons.com