Men’s Wearhouse founder George Zimmer was abruptly fired in June for disagreeing with his board’s management strategy.
Now, there is some vindication for Zimmer, who is famous for appearing in the retailer’s “you’re going to like the way you look” ads.
Men’s Wearhouse profits are down 28% this quarter, while sales are down 2.3%. The brand blamed the slowdown, in part, on superstitious brides’ aversion to getting married in the year 2013.
“Virtually every facet of the Men’s Wearhouse business flagged, from suit sales to tuxedo rentals and alterations,” writes Kyle Stock at Bloomberg Businessweek.
Since Zimmer left the company, Men’s Wearhouse has floundered.
Shares have tumbled 10%, suggesting that investors felt better about the company when he was there.
Zimmer’s main disagreement with the board involved wanting to take the company private, meaning that he has some consolation now, according to Stock.
“If he is interested in buying back the suit empire he built up from a tiny Texas outpost four decades ago, the proposition just became about 10% cheaper,” Stock writes.
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