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Men's Wearhouse founder George Zimmer: I'm no egomaniac Men's Wearhouse founder George Zimmer: I'm no egomaniac
(3 months later)
The former face of retailer Men's Wearhouse has denied "ego" was behind the high-profile row that saw him ousted from the company he founded.The former face of retailer Men's Wearhouse has denied "ego" was behind the high-profile row that saw him ousted from the company he founded.
Since the 1990s, George Zimmer has told potential customers "You'll like the way you look. I guarantee it," in nationwide ads for the men's retail chain. The gravelly-voiced Zimmer quit the company's board earlier this month after the company terminated his role as executive chairman.Since the 1990s, George Zimmer has told potential customers "You'll like the way you look. I guarantee it," in nationwide ads for the men's retail chain. The gravelly-voiced Zimmer quit the company's board earlier this month after the company terminated his role as executive chairman.
In an open letter, Zimmer wrote that he was abruptly fired so that the company could appoint a new board "that excluded me."In an open letter, Zimmer wrote that he was abruptly fired so that the company could appoint a new board "that excluded me."
"To justify their actions, they now have tried to portray me as an obstinate former CEO, determined to regain absolute control by pushing a going private transaction for my own benefit and ego," wrote Zimmer. "Nothing could be further from the truth.""To justify their actions, they now have tried to portray me as an obstinate former CEO, determined to regain absolute control by pushing a going private transaction for my own benefit and ego," wrote Zimmer. "Nothing could be further from the truth."
"The reality is that over the past two years, and particularly over recent months, I believe the board and management have been eroding the principles and values that have made the Men's Wearhouse so successful for all stakeholders," he wrote."The reality is that over the past two years, and particularly over recent months, I believe the board and management have been eroding the principles and values that have made the Men's Wearhouse so successful for all stakeholders," he wrote.
The board has argued it fell out with Zimmer after he informed them he wanted to take the company private in a transaction they said would force the company to take on a "huge amount of debt." Zimmer, who holds a 3.6% stake in the company, also refused to support chief executive Doug Ewert and "expected veto power over significant corporate decisions," they said.The board has argued it fell out with Zimmer after he informed them he wanted to take the company private in a transaction they said would force the company to take on a "huge amount of debt." Zimmer, who holds a 3.6% stake in the company, also refused to support chief executive Doug Ewert and "expected veto power over significant corporate decisions," they said.
Management did not want a "total breakdown of the relationship between Mr. Zimmer and the company," the company said. "Unfortunately, Mr Zimmer wouldn't accept anything other than full control of the company and the Board was left with no choice but to terminate him as executive chairman."Management did not want a "total breakdown of the relationship between Mr. Zimmer and the company," the company said. "Unfortunately, Mr Zimmer wouldn't accept anything other than full control of the company and the Board was left with no choice but to terminate him as executive chairman."
Zimmer founded Men's Wearhouse in 1973 with a store in Houston. It now has 1,239 stores operating under the Men's Wearhouse, Moores and K&G names that sell menswear and hire suits for formal events. The company has been moved to update its image in recent years and hired designer Joseph Abboud as chief creator director in December 2012.Zimmer founded Men's Wearhouse in 1973 with a store in Houston. It now has 1,239 stores operating under the Men's Wearhouse, Moores and K&G names that sell menswear and hire suits for formal events. The company has been moved to update its image in recent years and hired designer Joseph Abboud as chief creator director in December 2012.
Howard Davidowitz, founder of retail consultant Davidowitz & Associates, said the spat looked like a case of "owner's regret". "Here's a guy who made a decision to give up control of the company. He groomed a replacement and the company is doing very well. Sure he has ideas but he's not in control anymore, he needs to get over it."Howard Davidowitz, founder of retail consultant Davidowitz & Associates, said the spat looked like a case of "owner's regret". "Here's a guy who made a decision to give up control of the company. He groomed a replacement and the company is doing very well. Sure he has ideas but he's not in control anymore, he needs to get over it."
Davidowitz said dropping Zimmer from the company's ads would make no difference to Men's Wearhouse. "People don't go to those stores because of his face," he said.Davidowitz said dropping Zimmer from the company's ads would make no difference to Men's Wearhouse. "People don't go to those stores because of his face," he said.
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