The Traderszone Network

Published in TZ Latest News 8 August, 2014 by The TZ Newswire Staff

Lululemon founder sells half his stake, ending fight

Lululemon Athletica Inc. founder Chip Wilson agreed to sell half his stake in the yogawear retailer to Advent International Corp. for $845 million and forgo pursuing a buyout for at least year, ending a fight with the board. The deal caps a clash between Lululemon and its outspoken founder, who said in June he voted unsuccessfully against the re-election of Michael Casey, his successor as chairman.