Updated from 8:22 a.m. EDT

NEW YORK ( TheStreet) -- Liz Claiborne ( LIZ) said Wednesday it is selling off several of its brands, including its namesake to J.C. Penney ( JCP).

The company, which will now focus on its kate spade, Juicy Couture and Lucky Brands, also will change its name. The new name hasn't been announced.

The Liz Claiborne and Monet brands will go to J.C. Penney; Bluestar Alliance purchased the Kensie brand. The company also completed the sale of its Dana Buchman brand to Kohl's ( KSS). These transactions generated $328 million.

Liz Claiborne also agreed with Donna Karan International to terminate its DKNY Jeans and DKNY Active license.

As a result of these changes, Liz Claiborne lowered its 2011 profit forecast to $80 million to $90 million from prior range of $100 to $120 million, and its 2012 profit outlook to $130 million to $150 million from $180 million to $220 million.

Shares of Liz soared more than 42% to $7.24 following the announcement.

- Reported by Jeanine Poggi in New York.

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