George Zimmer

[Dorian Gray]

George won't be hurting for too much money.
"And since his likeness is so connected to the company, Men's Wearhouse has to pay for its use even in the event of a termination. According to SEC filings, Men's Wearhouse is required to pay Zimmer or his estate $250,000 per year for four years for the continued license. Once those four years are up, it will have the option to continue to license and subsequent payments for its use."

I like you G-ing pic in this article, George.
http://www.click2houston.com/news/mo...z/-/index.html

[proudoftexas]

The dude is worth $800 million

I don't think he gives a shit about $250,000 per year.

Actually, I don't know if the $800 million is accurate, but he's worth over $100 million in any case. I guarantee it.

Not sure why he'd need to start over somewhere. He could help aspiring young business men and women get their start if he wanted to keep his toes wet. Heck, just accept speaking gigs. Or whatever the hell else he wants to do.

I'm not going to cry too many tears for poor George Zimmer. He's done quite well with his life.

[boardman]

I can see a Michael Brown esque meltdown in his future.

[DarthMaul]

Originally Posted by boardman

I can see a Michael Brown esque meltdown in his future.

Man did that dude fucked up. They had a whole one hour show on his ass on "48 Hour Investigation".

I knew a dancer from the Ship who saw him for a while. She got plenty of cash for a few months. He only came in once and then sent someone to retrieve her from then on.

[BatteriesNotIncluded]

Originally Posted by proudoftexas

The dude is worth $800 million

I don't think he gives a shit about $250,000 per year.

Actually, I don't know if the $800 million is accurate, but he's worth over $100 million in any case. I guarantee it.

Right? Even at a fraction of that its not like he is struggling to pay the light bill. More power to you,George,I hope you start u a new chain with better clothing. The hookers are more demanding these days

[kerwil62]

Originally Posted by proudoftexas

The dude is worth $800 million

I don't think he gives a shit about $250,000 per year.

Actually, I don't know if the $800 million is accurate, but he's worth over $100 million in any case. I guarantee it.

Not sure why he'd need to start over somewhere. He could help aspiring young business men and women get their start if he wanted to keep his toes wet. Heck, just accept speaking gigs. Or whatever the hell else he wants to do.

I'm not going to cry too many tears for poor George Zimmer. He's done quite well with his life.

Sounds like he ain't gonna be hurtin' for a good while,

[chicagoboy]

Men's Wearhouse: Why We Fired Zimmer

Men's Wearhouse has finally explained why it fired executive chairman George Zimmer last week, depicting the founder as power-hungry in his desire to sell the company to private investors.

"Mr. Zimmer reversed his long-standing position against taking the company private by arguing for a sale of the Men's Wearhouse to an investment group," the company's board of directors wrote Tuesday in a statement it made public.

But the board said it opposed the move, which would force the company "to take on a huge amount of debt."

"The board believes such a transaction would not be in the best interests of our shareholders, and it would be a risky path on many levels," the directors wrote.

The board also emphasized that Zimmer's 3.6% stake in the company did not give him a controlling role.

"Mr. Zimmer had difficulty accepting the fact that Men's Wearhouse is a public company with an independent board of directors and that he has not been the chief executive officer for two years," said the board.

The board added that Zimmer "refused to support" Chief Executive Doug Ewert and other executives "unless they acquiesced to his demands." The board also said he "expected veto power over significant corporate decisions."

Men's Wearhouse rose 2.6% in premarket trading on Tuesday.

The board terminated Zimmer, who co-founded the company in 1973, as executive chairman on June 19. He then quit the board on Monday.


BTW, some estimates of Zimmer's wealth may be vastly over-estimated - his 3.6% share of MW stock is worth about $67 million.

[proudoftexas]

The one problem any of these publicly traded retailers have is that Amazon is given a comparative advantage in the way their stock is valued. They have the most ridiculous price to earnings ratio of anyone in the stock market, thanks in part to Jeff Bezos' leadership.

It's why the former founder of Best Buy has talked seriously about that company going private as well.

That's not to say anything about the rest of the MW statement, which is very believable. The fact is George Zimmer has a board of directors that is aligned against him. That's as much his fault as anyone else's. He tried to remove that obstacle, and so far, it hasn't worked out so well for him.

I have no idea what Zimmer's wealth actually is. I certainly have no idea of what kind of investment portfolio he owns outside of his MW stock. Or what debts, for that matter. I certainly think of the people I personally know who are worth $67 million or more as having done pretty well for themselves, however.

[BatteriesNotIncluded]

Who would ever buy a suit from Amazon??