Liz Claiborne Drops after Lowering 2012 EBITDA Estimates, CFO Resignation
Shares of Liz Claiborne (NYSE: LIZ) have been under pressure during Tuesday's trading session after the company revised 2012 EBITDA estimates.
Liz Claiborne now expects 2011 pro-forma adjusted EBITDA to be in-line with guidance; however, at the lower end of the range of $80 to $90 million. The company also revised forecasted 2012 adjusted EBITDA from a range of $130 to $150 million to $125 to $140 million.
Liz Claiborne also announced yesterday that Andrew Warren, Executive Vice President and Chief Financial Officer, is leaving the Company by mutual agreement, effective March 16th, to pursue an opportunity in the media industry. The Company has initiated a search for Mr. Warren`s replacement.
Currently, shares of Liz Claiborne are trading 13% lower at $8.59.
