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Lululemon chairman will sell up to 3.4M shares

NEW YORK (AP) -- Shares of yoga clothing company Lululemon Athletica Inc. fell Friday after the company said that founder and Chairman Dennis (Chip) Wilson plans to sell up to 3.4 million shares of stock.

Data provider FactSet reports that Wilson owns 10.3 million shares, or a 9.1-percent stake in the company. Based on Wednesday's closing price of $64.50 per share, the sale could be worth up to $219.3 million.

Lululemon had 113.5 million shares outstanding as of June 5, according to regulatory filings. Its shares have traded between $52.20 and $82.50 in the last year.

Shares of Lululemon fell $1.38, or 2.1 percent, to $63.12 in midday trading.