Cutting his ownership stake in lululemon atheltica (NASDAQ:LULU) from almost 28% to just over 25%, Chairman Dennis J. Wilson will be selling 3.4 million shares valued at a total of approximately $220 million based on Wednesday's closing price of $64.50 per share, according to a registration statement the yogawear maker filed with the SEC this week. 

Wilson founded lululemon in 1998 and is the company's largest voting shareholder. The company has about 145 million shares outstanding; Wilson currently has beneficial ownership of some 40.2 million.

Shares of the clothing retailer plunged last month, losing nearly a quarter of their value, after CEO Christine Day resigned, raising questions about the long-term viability of the company. While the slight paring of Wilson's holdings seems minimal, it adds to the concerns that have built up around the company. In addition to the executive resignation, the yogawear maker had a public relations headache earlier in the year over inadvertent see-through clothing.

The stock was down nearly 2% more in early morning trading following news of the company chairman's reducing his stake.