Lululemon Athletica is delaying a key deliverable in a truce agreement with its outspoken founder, Chip Wilson. The billionaire and the leggings company have agreed to extend an Oct. 1 deadline for naming a new board member

Lululemon’s turnaround won’t be a quick or easy fix as the company cedes market share to rivals and suffers deepening sales declines, according to BMO Capital Markets, which initiated coverage of the stock with an underperform rating

Lululemon founder Chip Wilson and his wife, Shannon “Summer” Wilson, are divorcing after more than 20 years of marriage, per NYP There is no prenup. Chip has a net worth of $6.1 billion. He owns 8.6% of Lululemon stock, worth about $1 billion. Summer owns about a 1% stake, worth roughly $100 million.

Lululemon just reset expectations — and investors didn't love it. Shares sank as much as 20% in after-hours trading Thursday after the company cut its full-year sales and profit forecast, citing “challenging dynamics” heading into the back half of the year. The timing stings: the guidance cut lands just days before Nike veteran Heidi O'Neill steps in as CEO. One analyst noted Lululemon carries no debt — the real challenge now is getting sales growing again. Read more:

LULULEMON'S EXEC SAYS THAT FOR Q3 IT EXPECTS NORTH AMERICA TO DECLINE IN THE MID-TEENS — WITH THE U.S. ALSO IN THAT RANGE AND CANADA LOWER — WHILE BOTH CHINA MAINLAND AND THE REST OF THE WORLD ARE EXPECTED TO INCREASE 3% TO 5%, ADDING THAT THE MACRO ENVIRONMENT HAS BEEN CHALLENGING IN CHINA FOR SOME TIME.

LULULEMON ATHLETICA'S EXEC SAYS IT IS INCREASING MARKETING INVESTMENT IN THE BACK HALF OF THE YEAR, NOTING THAT SLOWER-THAN-EXPECTED TOP-LINE TRENDS WILL NECESSITATE ADDITIONAL SEASONAL CLEARANCE, AND THAT ITS MIDDLE EAST FRANCHISE BUSINESS CONTINUES TO BE IMPACTED BY THE CONFLICT IN THE REGION, AS DOES TOURISM IN EUROPE.