UPDATE:The Men's Wearhouse Board of Directors fired founder George Zimmer last Wednesday because Zimmer "was unable to convince any of the Board members or senior executives that his positions were in the best interests of employees, shareholders or the company's future," according to a statement released Tuesday morning.
After offering no reasons for Zimmer's termination in its announcement last week, the men's clothing retailer outlined specific "issues of contention" in Tuesday's press release.
In the end, Zimmer gave Board members an ultimatum: "Mr. Zimmer presented the Board with the choice of either a) continuing to support our CEO and the management team on the successful path they had been taking, or b) effectively re-instating Mr. Zimmer as the sole decision maker," according to the release.
The Board states that because Zimmer would not accept options other than having full control, it was "left with no choice" but to fire Zimmer.
View Men's Wearhouse's full statement.
TELL US: Do you agree with the Board's reasons for firing Zimmer?
June 19, 2013:
He was the face of Men's Wearhouse's well-known commercials, with the slogan, "You’re going to like the way you look. I guarantee it."
But as of Wednesday morning, founder George Zimmer was no longer employed at one of North America's largest men's clothing retailers.
Men's Wearhouse announced Wednesday that it has fired Zimmer and will "discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the Company."
The termination came at an especially odd time. The company, which reported positive first-quarter results with a 5.3 percent increase in total net sales, had its annual shareholders meeting planned for Wednesday morning. The meeting was postponed.
Although no reason was given in the press release, Zimmer responded earlier this afternoon, saying that the termination from the multi-billion dollar company with "amazing employees and loyal customers" was meant to "silence" him.
"Over the past several months I have expressed my concerns to the Board about the direction the company is currently heading," Zimmer said in the statement.
"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," he said.
There are two Men's Wearhouse stores in the Baltimore area, including in Towson and Pikesville.
TELL US: Do you think his termination was fair? Do you remember his commercials?