Claiborne namesake dies at 78

NEW YORK Liz Claiborne, founder of her namesake fashion company, passed away this week at the age of 78. According to reports, the designer died on Tuesday after suffering from cancer for a number of years.

Claiborne founded Liz Claiborne Inc. in 1976 along with her husband Art Ortenberg and Leonard Boxer. The company went public in 1981 and by 1985, was the first company founded by a woman to be listed in the Fortune 500, according to the company's Web site. Liz Claiborne retired from day-to-day operations in 1989.

"In losing Liz Claiborne, we have not only lost the founder of our company, but an inspirational woman who revolutionized the fashion industry 30 years ago," the company said in a statement published on its Web site.