Michael Kors Tumbles After Major Shareholder Dumps Stock

Shares of Michael Kors tumbled on Friday making it TheStreet's Move of the Day. The luxury accessories retailer dropped after major shareholder Sportswear Holdings said it would unload its stake in the company in an offering expected to close September 10. Sportswear, one of the founding shareholders, intends to sell 11.6 million shares, or around 6% of shares currently outstanding, for $890 million. Michael Kors will receive none of the proceeds. Lawrence Stroll and Silas Chou of Sportswear Holdings will resign from their position on the board of directors. Shares of Kors closed 4.5% lower Friday.