* 2nd-quarter loss wider than 1st-quarter before items

* Sees narrower GAAP loss

* Shares fall nearly 26 percent (Adds more analyst comments, updates shares to close)

NEW YORK, June 18 (Reuters) - Women's apparel manufacturer and retailer Liz Claiborne Inc (LIZ.N: Quote, Profile, Research) on Thursday projected a wider second-quarter loss than analysts forecast and its shares plummeted nearly 26 percent.

The owner of the Lucky Brand, Kate Spade and Juicy Couture brands said in a regulatory filing it expects a wider loss in the current second quarter than in the first quarter, before one-time items. The company gave no reason why the loss would widen.

The forecast came a day after the apparel company said it planned to launch an offer for $75 million in convertible debt. The news also weighed on the stock, since the offering could ultimately dilute the shares, said Standard & Poor's equity analyst Marie Driscoll.

"It is just a reflection of what a difficult environment this is," Driscoll said. "While they have very nice brands, it's going to be difficult this year."

Liz Claiborne and other apparel companies have faced a tough climate during the recession as department stores and other chains trim inventory and shoppers cut back nonessential purchases.

The company said it expected sales to be flat compared with the year-earlier quarter.