by William White | August 23, 2013 12:06 pm
The Men’s Wearhouse (MW) may end up in the hands of its founder, George Zimmer.
Zimmer, who founded Men’s Wearhouse in 1973, is reportedly talking to private equity firms about helping him buyback the company.The Men’s Wearhouse board said that it isn’t looking to sell the company, which means that Zimmer’s efforts would be part of a hostile takeover. Men’s Wearhouse fired Zimmer in from his CEO position in June. The company claims that Zimmer had a hard time accepting that the company was publicly owned, and that he was trying to sell it to an investment group that would make the company private. Men’s Wearhouse says that the sale would have loaded the company with debt, reports Businessweek.
Zimmer played a large role in Men’s Wearhouse’s commercials with his saying “You’re going to like the way you look, I guarantee it.” The company released its first new commercial earlier this month. This is the first commercial made since Zimmer was fired from the company.
Source URL: http://investorplace.com/2013/08/ousted-mens-wearhouse-founder-planning-to-take-back-company/
Short URL: http://invstplc.com/MlWsFy
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.