Lululemon has laid off 100 part-time employees in its customer service department in an effort to "strengthen" the business.

Lululemon faces a "downward spiral" due to repeated product quality issues, declining sales, and a leadership crisis. Meanwhile, competitor Fabletics is rapidly growing.

Randy Konik, Jefferies research analyst, joins 'Power Lunch' to discuss Konik's thoughts on Lululemon, its latest deal with the NFL and much more. Got a confidential news tip? We want to hear from you ...