NEW YORK ( TheStreet) -- Liz Claiborne ( LIZ) investors are cheering its move to shutter all of its namesake outlet stores. The company announced on Tuesday that it will close 87 of these namesake stores in the United States and Puerto Rico in early 2011. Liz Claiborne expects to incur a charge of about $7 million in the second quarter of 2011 as a result of the closures.
The move comes as Liz Claiborne is readying itself to embark on an exclusive deal with J.C. Penney ( JCP) and QVC. The move will not affect its Juicy Couture, Kate Spade, Lucky Brand and Kensie outlets. Shares of Liz Claiborne are gaining 3.4% to $4.52 in Wednesday morning trading. -- Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.