Men's Warehouse founder George Zimmer, who has liked the way he's looked since 1985, has been sent packing from his position as executive chairman, according to reports.
In a statement released by the company, no reason was supplied for Zimmer's ouster. In it, they simply said the board "expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the company."
Zimmer released a statement of his own that read, "Over the last 40 years, I have built MW into a multi-billion dollar company with amazing employees and loyal customers who value the products and service they receive at MW. 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, they Board has inappropriately chosen to silence my concerns through termination as an executive officer.
Today was supposed to be the date of Men's Warehouse's annual conference call with shareholders, but that has been put off in light of Zimmer's foundation-shaking firing. He founded Men's Warehouse in Texas in 1973, when it was just one store. Now the company has increased to 1,143 locations including Men's Warehouse, Moores and K&G stores.
Foxbusiness.com reports that Zimmer's departure is coming on the heels of a fiscal first quarter in which the company's profit margin went up 23 percent.
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