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Current Events and Musings => Business News => Topic started by: MuffyBee on June 19, 2013, 11:20:39 AM

Title: Men's Wearhouse ousts founder George Zimmer
Post by: MuffyBee on June 19, 2013, 11:20:39 AM
Men's Wearhouse ousts founder George Zimmer
June 19, 2013

NEW YORK (AP) — Men's Wearhouse has dismissed its founder and executive chairman George Zimmer.

In a terse release issued Wednesday, the company didn't give a reason for the abrupt firing of Zimmer, who built Men's Wearhouse from one small Texas store using a cigar box as a cash register to one of the nation's largest specialty retailers in men's clothing, with 1,143 locations.

In light of Zimmer's termination, the company postponed its annual shareholders' meeting scheduled for Wednesday. It said the purpose of the postponement is to re-nominate the existing slate of directors without him. It said the board expects to discuss with Zimmer the extent, if any, and terms of "his ongoing relationship" with the company

Zimmer was seen as the face of the company, appearing in many of its TV commercials with the slogan, "You're going to like the way you look. I guarantee it."

Title: Re: Men's Wearhouse ousts founder George Zimmer
Post by: MuffyBee on June 24, 2013, 07:28:33 PM
Founder Zimmer Resigns From Men's Wearhouse Board
June 24, 2013

Men’s Wearhouse (MW) founder George Zimmer, unexpectedly ousted last week from his position at the clothing retailer, resigned Monday from the company’s board of directors, The Wall Street Journal reported.

Last week the company abruptly announced that Zimmer, who served as executive chairman, had been dismissed, apparently because Zimmer disagreed with the recent direction of the company.

Zimmer released a statement following his dismissal saying, “Over the past several months I have expressed my concerns to the board about the direction the company is currently heading.” He added that the board had “inappropriately chosen to silence my concerns by terminating me.”
Founded by Zimmer as a single store in Texas, the company, now based in Fremont, Calif., currently operates 1,143 stores under the Men’s Wearhouse, Moores and K&G chains. It also sells uniform and work clothes, and rents tuxedos.

Men’s Wearhouse shares were down 43 cents at $35.36 amid a broad market selloff Monday.