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How Do Your Fired Your Company's Founder?

Jun 19, 2013 -- 4:53pm

FIRED?  Really how do you do that?

After retailer Men's Wearhouse [NYSE: MW] announced that it "terminated" founder and executive chairman George Zimmer, best known to consumers for his hundreds of TV commercials pitching suits, he fired back saying the company's board "has inappropriately chosen to silence my concerns."

The company said that "in light of Mr. Zimmer's termination," it is postponing its annual shareholders' meeting which had been scheduled for 11 a.m. today in California.

"Over the last 40 years, I have built The Men's Wearhouse into a multi-billion dollar company with amazing employees and loyal customers who value the products and service they receive at The Men's Wearhouse," Zimmer said in a statement. "Over the past several months I have expressed my concerns to the Board about the direction the company is currently heading. Instead of fostering the kind of dialogue in the Boardroom that has, in part, contributed to our success, the Board has inappropriately chosen to silence my concerns by terminating me as an executive officer."

The company, based in Fremont, Calif., was founded in 1973 by Zimmer. It is one of the country's largest specialty men's retailers with 1,143 stores across the country. The company operates Moores and K&G Stores in addition to its namesake stores.

Zimmer's famous tagline was, "You're going to like the way you look. I guarantee it."

Richard Jaffe, analyst with Stifel Nicolaus, wrote in a note that Zimmer had reduced his role at the company "significantly" over the past two years. Zimmer named a new CEO, Doug Ewert, two years ago while designer Joseph Abboud was named as chief creator director in Dec. 2012http://abcnews.go.com/Business/effectiveness-mens-wearhouse-george-zimmer-spokesperson-review-analyst/story?id=19436560#.UcIZ3ueG2i6

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