Liz Claiborne, Inc. (NYSE: LIZ) yesterday announced that it has completed the transaction to sell domestic and international trademark rights of its Liz Claiborne family of brands and domestic trademark rights of its Monet brand to J. C. Penney Company, Inc. Total cash proceeds of $288 million include an advance of $20 million in exchange for the Company’s agreement to develop exclusive brands for J. C. Penney.

Mr. William McComb, Chief Executive Officer of Liz Claiborne, Inc., said: “We are very proud of the value we have unlocked from our Partnered Brands group. What remains of that segment is a private brand jewelry design and development group that will continue to serve J. C. Penney, via our exclusive license for the Liz Claiborne and Monet brand jewelry lines. It will also continue to market Trifari and Marvella, as well as serve Kohl’s with a license for Dana Buchman jewelry. Our jewelry capability is a profitable niche that was worth retaining, and will add to our earnings profile.”

Mr. McComb continued: “With this announcement, the company has completed the last in a series of five transactions that in total have raised $471 million, allowing the company to meaningfully de-leverage and transform its balance sheet–while creating a portfolio focused on growth.”

Mr. McComb concluded: “We have eliminated significant operating and financial risk and complexity. As we generate our strongest cash flow in the November/December time period, we are reaffirming our expected year-end 2011 net debt to be between $270 and $290 million. We are now focused on our three global lifestyle brands — Juicy Couture, kate spade and Lucky Brand–and seeing the high growth and high margin opportunities they offer come to fruition as well.”

I guess we now no how Liz Claiborne Inc. is doing financially.