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Liz Claiborne Closing Stores; Abercrombie Launching New Concept

New York-based Liz Claiborne, Inc (NYSE:LIZ), operator of approximately more than 450 stores in the women's and men's apparel and accessories categories, this week announced plans coming from its strategic review process of 16 non-core brands, which initiated last summer.

The retailer is discontinuing its Sigrid Olsen brand, which will result in the closure of its 54 Sigrid Olsen stores. In a statement, the company said "the Sigrid brand has been experiencing losses over the past several years." According to CoStar Tenant, the average Sigrid Olsen store is 2,000 square feet.

Claiborne does plan to re-open some of the best Sigrid locations as stores for its direct brands, which include Juicy Couture, Kate Spade, Lucky Brand and Mexx. Also last summer, the retailer announced plans to open 300 new stores under these brands through 2010.

Full story at CoStar.

Meanwhile, Abercrombie & Fitch Co is planning to launch a new underwear chain called Gilly Hicks.

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