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Filing in Focus: Men’s Wearhouse 8-K, June 18, 2013
George Zimmer, the founder of the popular men’s clothing store Men’s Wearhouse (MW), has been informed that he is no longer the executive chairman of the company he founded 40 years ago in an abrupt and terse announcement by the company’s Board of Directors. The company provided no explanation for this abrupt change though it has been noted that both the board and Zimmer have disagreed in recent months on the company’s direction. Zimmer was planning on a transition to a smaller role in the company while handing over the daily operations to the current leadership. Analysts believe that Zimmer, at his age of 64, was losing his appeal to consumers, particularly in the growing market of younger suit buyers. Without any explanation from the board, investors are clearly concerned as stocks tumbled 7% shortly after the news was released.
George Zimmer the clown got fired! BOD got sick of listen to him telling them how to run the company! He does not know anything about the business according some sources. He is reportedly going to receive $250K a year for two years serverance pay! Word is he got the word in an email! LOL! His belonging were in a box waiting for him at the enterance! That how much they appreciated his service to the company! LOL!
George Zimmer is going to be using his suit and clothing in the HR department of other companies and at Starbucks!