CORRECTED-UPDATE 1-Men's Wearhouse founder says did not push for going private deal

Wed Jun 26, 2013 7:09pm EDT

Related Topics

(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)

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
Mickelenische wrote:
Now he is free to open up a chain of men’s entertainment facilities called Men’s Whorehouse – where he guarantees your satisfaction.

Jun 27, 2013 1:42pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

A tourist takes a plunge as she swims at Ngapali Beach, a popular tourist site, in the Thandwe township of the Rakhine state, October 6, 2013. Picture taken October 6, 2013. REUTERS/Soe Zeya Tun (MYANMAR - Tags: SOCIETY) - RTR3FOI0

Where do you want to go?

We look at when to take trips, budget considerations and the popularity of multigenerational family travel.   Video