In a move to fulfill obligations to his own stockholder-sponsored stock-based compensation plan, Cap’n Lulu (Chip Wilson), announced on Friday that 625,000 shares of common stock will be awarded to founding employees. Initally intended as a “reward” for hard work and dedication, now in this wretched economy they might as well be getting handed a bucket with a hole in it.
You know things are bad when the resident internet Lululemon analyst sold every bit of Lulu stock just yesterday.
“I am very pleased to have had the opportunity to reward a founding group of employees for their hard work and dedication to lululemon, and the execution of this transfer will allow these employees to monetize their ownership as they choose over time,”
says Mr. Wilson in the press release.
It’s a nice gesture, but they’ll be lucky to turn any profit on those shares right now. Hope that employee discount still works!