Chip Wilson to sell remaining stake in Lululemon

Chip Wilson, one of the founders of Lululemon Athletica Inc., will be selling his remaining stake in the company according to a Securities and Exchange Commission Report filing from today. The shelf registration indicates that 20.1 million shares, or 14.1 percent stake, will be sold. Both Wilson and his wife own the shares.

Wilson is currently helping his wife and son build a new apparel line called Kit & Ace. Shares of Lululemon were down to a 65 dollars and 10 cents today, a 2.5 percent slide. Last year, Wilson sold half of his stake, or 13.9 percent, to Advent International Corp for 845 million dollars. Advent originally invested in the yoga firm in 2005, and exited its original investment in 2009.

Wilson resigned as chairman of the company in 2013, and had several disputes with them around the time of the sale of his stake. A major one being his connection and involvement with his wife and son's company Kit & Ace, a dispute which has since been resolved. He has also become very disenchanted with the company, a factor in prompting his departure.