Men's Wearhouse Inc. (MW) Wednesday forced out George Zimmer from his position as executive chairman of the company. No reasons were disclosed for the decision.
Men's Wearhouse said its board will discuss the extent and terms of its ongoing relationship with Zimmer, who founded the decades-old company.
The company also postponed its annual shareholders meeting scheduled for June 19 to renominate the existing slate of directors without Zimmer.
Men's Wearhouse will set a new record date and would provide additional information about the annual meeting in a supplement to its proxy statement to be filed with the Securities and Exchange Commission.
Houston, Texas-based Men's Wearhouse, which retails men's suits and sportswear, was founded by George Zimmer in 1973. It operates 1,143 retail stores under the brand names of Men's Wearhouse and Tux, K&G, and Moores Clothing. Zimmer featured in the chain's television and radio commercials.
Earlier this month, Men's Wearhouse posted a higher quarterly profit on a five percent growth in sales. In March, the company said it had hired Jefferies & Co. to assist in evaluating strategic alternatives for its K&G operations.
The company's stock is trading at $36.65, down $0.82 or 2.19%, on a volume of 1.8 million shares on the NYSE.
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