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Kate Spade in deal to gain full control of Japanese venture
New York -- Fifth & Pacific Cos., formerly known as Liz Claiborne, said that its Kate Spade LLC brand is buying out the interest of its partner in a joint venture based in Japan, the Associated Press reported.
Kate Spade will have full ownership of Kate Spade Japan Co. after it buys Sanei International Co.'s 51% stake in the business. Fifth & Pacific said the deal is expected to cost $45 million to $50 million, including debt repayment and transaction fees.
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S&P further lowers rating on J.C. Penney
New York -- Standard & Poor's Ratings Services is further lowering its credit rating on J.C. Penney Co., attributing the move to a continuing weak performance.
J.C. Penney’s corporate credit rating has been lowered to "B+" from "BB-." The junk rating is four notches below investment grade. The move marks the second downgrade from S&P since mid-May.