The company that owns Lucky Brand and Juicy Couture clothing lines has slimmed down from an empire of some 40 brands to three. But it is having a harder time going from three to one.

Fifth & Pacific, formerly known as Liz Claiborne, put both brands on the block earlier this year, people familiar with the matter said. Chief executive William McComb has been trying to pare down the company to focus on its powerhouse brand, Kate Spade.