Men's Wearhouse Inc MW.N 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.
(Corrects paragraph one name to Zimmer instead of Zimmerman)
(Reporting by Siddharth Cavale in Bangalore and Nadia Damouni in New York; Editing by Joyjeet Das)