Summary of CLAIBORNE LIZ INC

Entry into a Material Definitive Agreement, Results of Operations and Financial

ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On November 2, 2009, Liz Claiborne, Inc., a Delaware corporation (the "Company") completed a third amendment to its Amended and Restated Credit Agreement ("Amended Agreement"), which (i) provides that through the maturity date of the Amended Agreement, the fixed charge coverage covenant will be in effect only when availability under the amended credit facility fails to exceed $75.0 million on any date on or after the first day of the October fiscal month and prior to the first day of the December fiscal month, $120.0 million on any date from December 15 of a calendar year through January 30 of the following year or $90.0 million on any other date; (ii) amends the prepayment requirements whereby any net proceeds received by or on behalf of the Company or its subsidiaries in respect of any permitted disposition transactions shall be used to repay the outstanding borrowings under the Amended Agreement and, to the extent that such net proceeds exceed the amount of such outstanding borrowings, cash collateralize outstanding exposure in an aggregate amount equal to 100% of such net proceeds; (iii) permits the acquisition of certain joint venture interests and the indebtedness and guarantees by certain parties arising in connection with such acquisition, subject to certain capped amounts and meeting certain borrowing availability tests; and (iv) permits the grant of the purchase option and the sale of certain assets, including the trademarks that were licensed to J.C. Penney Corporation, Inc. on October 7, 2009.

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On November 4, 2009, the Company, issued a press release (the "Press Release") announcing its results for the three and nine months ended October 3, 2009. Further details are contained in the Press Release, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information contained herein shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.