UPDATE 1-Lululemon founder hires Goldman as he considers shake-up -report

(Adds Lululemon statement)

June 22 (Reuters) - The founder of Lululemon Athletica has hired Goldman Sachs as he seeks a shake-up of the board of directors and may consider options including a proxy fight or joining a private equity firm in a buyout, the Wall Street Journal reported on Sunday.

The newspaper reported on its website that founder Dennis "Chip" Wilson is working with bankers at Goldman and is in the process of negotiating the terms of their arrangement as he looks to shake up the board.

Lululemon's board of directors has sought advice from bankers in response, one source told the newspaper.

Last Wednesday, Wilson, who has a 27 percent stake in Lululemon, lashed out at the yogawear retailer's board, saying its new chairman and another director were too focused on short-term growth.

The company's shares dropped sharply last week after it cut financial forecasts and warned that second-quarter sales were weak.

A spokeswoman for Lululemon said that the board and management team are "relentlessly innovating to drive global expansion and create value for Lululemon shareholders."

Goldman declined to comment.

(Reporting by Caroline Humer; Editing by Andrea Ricci and Nick Zieminski)