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Wilderness Experience Seeking Sale or Merger

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Wilderness Experience, a troubled Chatsworth maker of outdoor and camping equipment, said it is negotiating a sale or merger of the company with unidentified parties because continued losses have left it facing liquidation.

In a filing with the Securities and Exchange Commission, Wilderness said its financial problems resulted in the company losing a $5.3-million contract to make footwear for a major retailer.

Wilderness also said additional financing for the company, which it had expected since November, did not materialize.

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Because of previous losses, Wilderness filed for protection from creditors under Chapter 11 of the federal bankruptcy laws June 24, 1987, and a reorganized Wilderness emerged from Chapter 11 in July, 1988.

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