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Ultimatum gets Men's Wearhouse founder fired

Tuesday, June 25, 2013 - 01:07

June 25 - Details emerge about the boardroom brawl between Men's Wearhouse founder George Zimmer and the board that fired him last week. Conway G. Gittens reports.

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SOUNDBITE: GEORGE ZIMMER, FOUNDER, MEN'S WAREHOUSE (FROM YOUTUBE COMMERCIAL) (ENGLISH) SAYING: "The rules have changed..." That may be true for men's suits, according to this commercial featuring Men's Wearhouse Founder George Zimmer, but not in the boardroom. Things have turned un-gentlemanly between Zimmer and the board after they fired him last week. The board revealed late Monday he was shown the door because they didn't like Zimmer's attempts to muscle his way back in to day-to-day operations after stepping down as CEO two years ago. He's mulling a comeback, according to two sources. He could team up with private equity firms and try to take back the retailer he founded 40 years ago, that's one option according to industry bankers and lawyers. Zimmer didn't reply for comment on that idea. But he won't find any friends on the board. It says it likes the current management and the current business plan. So, apparently, Zimmer's catchphrase: SOUNDBITE: GEORGE ZIMMER, FOUNDER, MEN'S WAREHOUSE (FROM YOUTUBE COMMERCIAL) (ENGLISH) SAYING: "You're gonna like the way you look - I guarantee it." A guarantee his former colleagues on the board - no longer find well-suited for the retailer.

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Ultimatum gets Men's Wearhouse founder fired

Tuesday, June 25, 2013 - 01:07