Lululemon founder resigns

Chip WilsonChip Wilson, founder of Lululemon Athletica Inc, has resigned from the yoga apparel company’s board.

Wilson established the Canadian company in 1998. It has grown to more than 250 stores.

Lululemon has recently had its share of challenges. Last year the company dealt with complaints from customers that some of its yoga pants were too sheer.

Wilson also upset some customers later in 2014 when he said some of the pants problems were related to customers’ body types. Following that incident, he agreed to step down as chairman but had remained a board member.

Wilson said in a statement Monday that it was the right time to step down from the board.

He plans to help his wife and son with their new business, Kit and Ace.

Lululemon shares slipped in premarket trading.

AP

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