TPR: 10-K Risk Factor Changes

We continuously evaluate how to best structure our business in an effort to maximize shareholder value, which could include the divestiture of certain of our lines of business, such as our recently completed sale of the Stuart Weitzman Business. Divestitures are subject to numerous risks and uncertainties, including, among others: •the risk that a divestiture may not be completed in the expected time frame or at all; •disruption of our management’s attention from ongoing business operations due to a proposed or pending divestiture; •the acceptance of a less than favorable sales price or other terms of sale; •the potential loss of key personnel or operations; •adverse reactions from our borrowers, lenders or other counterparties, or those of the divested lines of business; •the risk of litigation or other judicial or administrative proceedings arising from the divestiture; and •negative reactions from market analysts and adverse impacts on our stock price. A divestiture could result in significant costs to us and is subject to numerous risks, including those listed above. We cannot provide any assurance that a sale of one or more lines of business will be successful or will not harm our business, our reputation, our results of operations and financial position or our stock price.