Wilderness Experience Seeking Sale or Merger

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.

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.