UPDATE1 -Liz Claiborne in menswear deal with Donna Karan

(Adds background on earnings and restructuring, stock performance)

NEW YORK, March 14 (Reuters) - Clothing manufacturer Liz Claiborne Inc (LIZ.N: Quote, Profile, Research, Stock Buzz) said on Friday that it had entered into a licensing deal with Donna Karan International to create a new collection of men's sportswear in the United States and Canada.

Liz Claiborne said DKNY Men's would be available in department stores this fall. The company already holds a license to make and sell the DKNY Jeans and Active apparel lines.

On Thursday, Liz reported a $435.7 million quarterly net loss after a goodwill impairment charge. The company is in the middle of a restructuring that includes selling, licensing of discontinuing 16 brands.

Liz shares are down more than 60 percent from their 52-week high reached in April. (Reporting by Jennifer Coogan; Editing by Lisa Von Ahn)