June 22 The founder of Lululemon Athletica
has hired Goldman Sachs as he seeks a shake-up of the
board of directors and may consider options including a proxy
fight or joining a private equity firm in a buyout, the Wall
Street Journal reported on Sunday.
The newspaper reported on its website that founder Dennis
Wilson is working with bankers at Goldman and is in the process
of negotiating the terms of their arrangement as he looks to
shake up the board.
Lululemon's board of directors has sought advice from
bankers in response, one source told the newspaper.
Last Wednesday, Wilson, who has a 27 percent stake in
Lululemon, lashed out at the yogawear retailer's board, saying
its new chairman and another director were too focused on
The company's shares dropped sharply last week after it cut
financial forecasts and warned that second-quarter sales were
Goldman declined to comment. Lululemon was not immediately
available for comment.
(Reporting by Caroline Humer; Editing by Andrea Ricci)