CORRECTED-UPDATE 1-Men's Wearhouse founder says did not push for going private deal
(Corrects paragraph one name to Zimmer instead of Zimmerman)
June 26 (Reuters) - Men's Wearhouse Inc founder George Zimmer denied on Wednesday that he had pushed for a sale of the apparel retailer before he was fired as executive chairman, insisting that he only presented that suggestion to the board as one option.
The board, in a statement on Tuesday, said Zimmer had pushed for a "risky sale" of Men's Wearhouse to an investor group, a plan that the rest of the directors opposed. The board said it was exploring a potential sale of the company's K&G fashion chain.
Zimmer accused the board of taking steps to marginalize him rather than evaluating the idea of a sale of the whole company or gauging the potential valuation of such a transaction.
The former chairman currently holds a 3.5 percent stake in the company.
The company did not respond immediately with a request for comment. (Reporting by Siddharth Cavale in Bangalore and Nadia Damouni in New York; Editing by Joyjeet Das)
- Boy and girl on Korean ferry drowned with life jackets tied together |
- Children's corpses reveal desperate attempts to escape Korean ferry |
- UPDATE 4-Boy and girl on Korean ferry drowned with life jackets tied together
- Obama reaffirms commitment to Japan on tour of Asia allies
- Ukraine forces kill up to five rebels, Putin warns of consequences |