Downward Facing Dog Lululemon Searches For Inner Peace

The foot-in-the-mouth founder of Lululemon Athletica inc. (NASDAQ:LULU) (TSE:LLL) has agreed to liquidate half his ownership in the volatile yoga apparel marketer.

Lululemon Athletica's founder to sell 50% holdings to Advent International

Founder Chip Wilson will sell 50 percent of his holdings to private-equity firm Advent International for $845 million in bid to avoid additional controversy with the board of directors, the Wall Street Journal reported, citing sources familiar with the transaction.

In addition to selling stock, Advent will receive board influence in the form of two seats and have the satisfaction of slapping Lululemon on the hand by requiring the...