The Board of Directors of Men's Wearhouse on Wednesday said they fired the founder of the company George Zimmer, according to reports.
The board said in a statement it "expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the Company."
Zimmer is best known from years of commercials where he repeated the company's slogan: "You're going to like the way you look. I guarantee it."
Zimmer responded to CNBC in in the following statement:
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.
After Zimmer was fired, the company cancelled its annual meeting of shareholders that was scheduled to occur on Wednesday. The company said the postponement allows the company to re-nominate the current board of directors.
"Zimmer owned 1.8 million shares of Men's Wearhouse as of the company's May 9 proxy filing, a 3.5 percent stake in the company," NBC News reported.
The company has yet to give a reason as to why they decided to terminate Zimmer.
The Men's Wearhouse was founded in 1973, and currently there are 1,143 stores under Men's Wearhouse, Moores and K&G Chains. The company sells uniforms and work clothes, and rents tuxedos.
The menswear retailer's stock value fell more than 2 percent, pricing the stock at $36.65 Wednesday morning. The stock has reportedly traded between $25.97 and $38.59 in the past year.
