Liz Claiborne to Cut 500 Jobs Amid Slide in Sales

Liz Claiborne Inc. will cut 500 jobs, or 4% of its workforce, and may close or rebrand about 20 stores amid a slide in sales growth.

The New York-based company also will divide its more than 40 brands into five groups to save as much as $65 million a year starting in 2007. The changes will lead to a charge of $60 million this year, Claiborne said.

The company also named four new group presidents as part of the restructuring.

Revenue growth slowed last year as sales were lost amid consolidation among department stores, its largest customer.