DISCONTINUED OPERATIONS

12 Months Ended

Dec. 29, 2012

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

NOTE 3:  DISCONTINUED OPERATIONS

        The Company has completed various disposal transactions including: (i) the closure of the LIZ CLAIBORNE branded outlet stores in the US and Puerto Rico in January 2011; (ii) the closure of its LIZ CLAIBORNE concessions in Europe in the first quarter of 2011; (iii) the closure of its MONET concessions in Europe in December 2011; (iv) the sale of an 81.25% interest in the global MEXX business in October 2011; and (v) the sale of the KENSIE, KENSIE GIRL and MAC & JAC trademarks in October 2011.

        The Company recorded pretax charges of $11.9 million, $236.1 million and $30.9 million ($11.9 million, $222.2 million and $27.5 million, after tax) in 2012, 2011 and 2010, respectively, to reflect the estimated difference between the carrying value of the net assets disposed and their estimated fair value, less costs to dispose, including transaction costs.

        Summarized results of discontinued operations are as follows:

	Fiscal Years Ended
In thousands	December 29, 2012			December 31, 2011			January 1, 2011
Net sales	$	1,621		$	692,258		$	952,415
Loss before (benefit) provision for income taxes	$	(4,971	)	$	(90,772	)	$	(127,245	)
(Benefit) provision for income taxes		(1,852	)		3,417			(1,786	)
Loss from discontinued operations, net of income taxes	$	(3,119	)	$	(94,189	)	$	(125,459	)
Loss on disposal of discontinued operations, net of income taxes	$	(11,930	)	$	(222,246	)	$	(27,488	)

        For the years ended December 29, 2012, December 31, 2011 and January 1, 2011, the Company recorded charges of $5.2 million, $40.7 million and $31.1 million, respectively, related to its streamlining initiatives within Discontinued operations, net of income taxes.