Shares of Under Armour (UAA - Get Report) have dropped over 40% year-to-date and were falling over another 3.5% during afternoon trading on Monday after further shakeups hit the athletic apparel retailer.

Not only has Under Armour co-founder Kip Fulks taken a leave from the company, but Under Armour is also exploring the possible exit from specific categories, the Wall Street Journal first reported.

Fulks, who has been with Under Armour the past two decades, was seen as the second-in-command to CEO Kevin Plank. Under Armour is also currently weighing whether to drop out of its smaller categories to curb declining sales. The categories are said to include tennis, outdoor gear, and fishing.

More of What's Trending on TheStreet: