Men's Wearhouse Inc. (MW) announced Wednesday morning that its Board of Directors has terminated George Zimmer from his position as Executive Chairman. The Company also announced that it is postponing its Annual Meeting of Shareholders, to re-nominate the existing slate of directors without Mr. Zimmer.
Men's Wearhouse gapped open sharply lower Wednesday, but recovered some ground in early trade, before settling into a range. Shares finished down by 0.43 at $37.04.
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