The behavior of a single collapsed polymer under shear flow is examined using hydrodynamic simulations and scaling arguments. Below a threshold shear rate gamma[.]{*}, the chain remains collapsed and only deforms slightly, while above gamma[.]{*} the globule exhibits unfolding/refolding cycles. Hydrodynamics are crucial: In the free draining case, gamma[.]{*} scales with the globule radius R as gamma[.]{*} approximately R{-1}, while in the presence of hydrodynamic interactions gamma[.]{*} approximately R. Experiments on the globular von Willebrand protein confirm the presence of an unfolding transition at a well-defined critical shear rate.