Regions

Lululemon Chairman Seeks to Divest 3.4 Million Worth of Interest Amid Retailer's Problems

July 5
12:31 PM 2013

Dennis Wilson is the founder of Lululemon in 1998 and is the company's largest voting shareholder. He is currently looking to divest his interests on Lululemon by offering his shares of stock for sale. If the sale of these shares turns out successful, Wilson can gain $220 million. Expected sales is calculated based on the price of $ 64.50, which was the closing price last July 3.

Lululemon is a well-known brand of fashionable yogawear. It has become a household name since 1998. However, recent events are affecting the company's reputation and profits. The company was especially negatively hit when it had to recall its excessively see-through pants. Moreover, its current sales forecasts are weak.

Aggravating these problems is the impending departure of the company's Chief Executive Officer, Christine Day. Day is known for turning the small brand into an international brand. However, she announced her plans of departure last month. Lululemon has yet to determine who can replace this critical figure for the company.

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