Lululemon founder wants to buy back company

Dennis "Chip" Wilson, founder of Lululemon (NASDAQ:LULU), is planning to try and buy back his company and take it private.

Wilson met with several private equity firms but no deal has been offered yet, reported Fortune.

The premium required to buy out the $6.3 billion company may be steep, but not totally out of reach for the man who stepped down as chairman in May and ceded the CEO spot in 2005. He decided to leave the board after making comments, which were not received positively by consumers, about the body types of potential buyers. Since then, Wilson has disagreed with many of the board's decisions and the company spoke with bankers about buying out his 28 percent stake.

The athletic retailer has posted some rocky numbers since last year's yoga-pant controversy, which led to the implementation of more quality control processes that slowed delivery. The pants had been recalled in the spring of 2013 because they were reported to be too sheer due to a manufacturing flaw. The snafu ended up costing the company millions of dollars in sales.

For more:
-See this Fortune article

Related stories:
Lululemon names new CEO; Founder Chip Wilson resigns as chairman  
Lululemon CEO stepping down after sheer fabric headache
Lululemon makes Lululemonade in the wake of its yoga-pants fiasco
Report: Lululemon's business strategy doesn't include plus-size customers
Lululemon says it doesn't hide larger sizes, but won't go any bigger

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