Lululemon founder selling stake in company

Lululemon Athletica Inc. founder Dennis “Chip” Wilson is selling his family’s entire stake in the company, parting ways with the yoga-gear maker after more than a year of tense relations.

According to a Thursday morning filing, Wilson and his family are selling their 20.1 million shares. They represent about a 14 percent stake in the company and are valued at $1.2 billion, according to the Wall Street Journal.

Wilson stepped down as CEO in 2005 but stayed on as chairman until last May. Friction between Wilson and the company has grown over his participation in a new chain, Kit & Ace, launched by his wife and son and selling casual clothes that sometimes look a lot like Lululemon’s.

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