NEW YORK — Wilsons The Leather Experts Inc. is negotiating the terms of a proposed agreement that would allow it to raise $35 million in exchange for a 49 percent equity stake in the company.

Under the proposal, Wilsons would issue 3,500 shares of its series “A” preferred stock to two institutional investors. Each share would be priced at $10,000. But at the transaction’s closing, the preferred shares would be convertible immediately into shares of the company’s common stock at a conversion price of $1.69 per share.

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