Firing the Founder: A Men`s Wearhouse Identity Crisis

Transcription

Firing the Founder: A Men's
Wearhouse Identity Crisis
______________________________________________________________________________
Firing the Founder: A Men's Wearhouse Identity Crisis
Table of Contents___________________________________________________
I. Overview......................................................................................................................................3
II. The History of Men's Wearhouse................................................................................................3
III. Sequence of Events: June 19th - June 26th................................................................................5
IV: Response....................................................................................................................................7
 Customer & Media Backlash...............................................................................................7
 Employee Bewilderment......................................................................................................8
 Investor Unease....................................................................................................................9
V: A Brand Identity Crisis.............................................................................................................10
VI: Passing the Torch.....................................................................................................................11
VII: Continuing Challenges...........................................................................................................12
 Financial Challenges..........................................................................................................12
 Jos. A. Bank Takeover Bid................................................................................................12
VIII: Appendices............................................................................................................................14
 1) Men's Wearhouse & George Zimmer Public Statements Full Text..............................14
 2) Website Transformation................................................................................................21
 3) Media Headlines............................................................................................................22
 4) Selected Tweets - June 19th..........................................................................................23
 5) Website Search Results for "George Zimmer"..............................................................24
 6) Dos Equis / Men's Wearhouse Ad Campaign Comparison...........................................25
IX: References...............................................................................................................................26
2
I. Overview
Like a tremor before an earthquake, a conflict occurred within the depths of the Men's
Wearhouse California executive offices in the early morning hours of Wednesday June 19th,
2013. At that time, Men's Wearhouse fired 64-year-old George Zimmer, who founded the
company at the age of 26 and grew it into a retail empire of over 1,140 stores nationwide. This
initial tremor would quickly escalate into a full-blown communications nightmare.
In the days to come, The Men's Wearhouse, Inc. (commonly referred to simply as "Men's
Wearhouse") would be shaken down to its very foundations as it sought to create a new identity
for itself that did not include its founder and 25-year spokesman. Zimmer's termination came as
a shock to Men's Wearhouse customers, employees, and investors. The annual meeting of
shareholders originally planned for that day was postponed. Over the course of the next 6 days,
both George Zimmer and the Men's Wearhouse board of directors waged a largely public and icy
"battle of wills" as each defended their respective viewpoints.
In wake of Zimmer's departure from the company, customer backlash was merciless.
Customers boycotted Men's Wearhouse stores, chastised the Men's Wearhouse board of
directors, and called for Zimmer's return to the company. Social media sites were inundated with
customers' reactions to the situation. Meanwhile, investors were not sure how to handle the
unexpected leadership changes and the stock decreased for 6 consecutive days from $37.47 on
June 18th down to $35.13 on June 24th. Besides its two press releases and letter to employees,
the Men's Wearhouse management team did not respond to customers on social media and
declined to comment any further about the situation to members of the press.
At the end of the day, the void created by the Men's Wearhouse team's overall lack of
communication was largely filled by customer criticism and speculation, employee confusion, as
well as investor unease. The fact that Men's Wearhouse did not have a contingency plan in place
for Zimmer's departure was immediately apparent as the company struggled to reinvent its brand
under the intense glare of the media spotlight.
II. History of Men's Wearhouse1*
*All factual references for this section may be found in Reference 1, unless noted otherwise.
With the help of college roommates2, 26-year-old George Zimmer opened the first Men's
Wearhouse store in Houston, Texas in 1973.
The store was launched with $7,000 and a
hand-painted sign.3 The former substitute
teacher2 used his personal vehicle as the
store van with clothing racks in the back and
the Men's Wearhouse logo on its side.
Zimmer launched the second store in 1974
(see photo right) and by 1980, 12 Men's
Wearhouse stores dotted the Houston
landscape.
3
Early Men's Wearhouse advertisements starred no-name men selling suits in a used-carsalesmen-like fashion. That image changed in 1986 when Zimmer starred in his first television
commercial: "I became spokesperson because I wanted to establish credibility for our everyday
low pricing," Zimmer said at the time. At the end of each commercial, George Zimmer would
assure customers of everyday low pricing with the tagline "I guarantee it." Zimmer and his
tagline would continue to air in Men's Wearhouse commercials for the next 27 years. It was not
until 1997 that Zimmer added "You are going to like the way you look" to his original "I
guarantee it" tagline. Zimmer's advertisements became one of retailing history's most successful
and long-lasting campaigns.
Following its inception, Men's Wearhouse went through a period of rapid growth.
Zimmer decided to expand the chain into the San Francisco Bay area after a family vacation
there: "[I] looked at the market and the potential competition, and I felt that we had a distinct
advantage," Zimmer said. Following its entry into the San Francisco market, Men's Wearhouse
also opened stores in Dallas, Sacramento, Portland, and Seattle. By 1992, with a total of 100
stores, Men's Wearhouse held its initial public offering, which brought in $13 million. The funds
from the IPO spurred additional growth. Between 1992 and 2000, the Men's Wearhouse chain
expanded across the nation by an average of 50 stores per year (or about one new store per week)
to reach a total of just over 500 stores. In 1998, revenues exceeded $1 billion for the first time.
Starting in 1999 and continuing throughout the 2000's, Men's Wearhouse made a series of
acquisitions. Year 1999 acquisitions included Canadian men's clothing store "Moore's: the Suit
People" (rebranded as "Moore's Clothing for Men") and Atlanta-based "K&G Men's Superstore"
(rebranded as "K&G Fashion Superstore"). Throughout the 2000's, other notable acquisitions
included TwinHill (a corporate clothing & uniform company), two dry-cleaning chains
(collectively rebranded "MW cleaners"), 509 After Hours (a formal-wear company), and Mr.
Tux (also a formal-wear company). By 2011, Men's Wearhouse operated over 1,200 stores.
During this timeframe, Men's Wearhouse also expanded from its core business of selling suits
into a variety of related businesses including dry-cleaning and renting tuxedos.
After Men's Wearhouse went public in 1992, Zimmer retained his leadership role with
the company, holding the posts of CEO and Chairman of the Board.3 Under his leadership,
Men's Wearhouse was named one of the "100 Best Companies to Work For" by Fortune
magazine. Zimmer called the announcement one of the proudest moments of his life. Zimmer
was known for his independent leadership style which included appointing spiritual leader
Deepak Chopra to the board in 2004, spending millions of his own money in 2010 supporting
California's failed Proposition 19 to legalize marijuana, and standing behind his company policy
to not conduct criminal background checks on hires because "everyone deserves a second
chance," as Zimmer was often quoted.4
4
In 2008, Men's Wearhouse celebrated its 35-year
anniversary and in 2011, Zimmer celebrated 25 years of
starring in company television commercials. At this time, the
Men's Wearhouse website referred to Zimmer as "the face of
the brand." Zimmer stepped down from his position as CEO
in 2011, handing over the title to his chosen successor:
Douglas Ewert. Ewert, who joined Men's Wearhouse in
1995, held several key management positions during his 18
year tenure with the company, and was the acting President
and COO before succeeding Zimmer as CEO5 (Ewert pictured
on left, Zimmer on right).6 Ewert also became a Men's
Wearhouse board director in 2011. After stepping down from
the CEO position, Zimmer stayed on the board as Executive
Chairman until June of 2013.
III. Sequence of Events: June 19th - June 26th*
*Full text of all George Zimmer and Men's Wearhouse public
statements is available in Appendix 1.
At around 7:30 (PDT) on the morning of Wednesday, June 19th, Men's Wearhouse
released a 7-sentence official statement7 on the Men's Wearhouse website announcing the
termination of George Zimmer from his position as Executive Chairman. The official statement
also announced the postponement of the Men's Wearhouse Annual Meeting of Shareholders, set
to occur at 11am that same day. The announcement did not give a reason for Zimmer's
termination, but stated that "The Board expects to discuss with Mr. Zimmer the extent, if any,
and terms of his ongoing relationship with the company." The reason given for the
postponement of the annual meeting was to "re-nominate the existing slate of directors without
Mr. Zimmer."
Roughly two hours later8, George Zimmer released a short, 3-sentence statement9 to the
press about the reason for his termination. Zimmer stated that "over the past several months I
have expressed my concerns to the Board about the direction the company is currently heading
[...] the Board has inappropriately chosen to silence my concerns through termination."
After its brief Wednesday morning statement, Men's Wearhouse made no further
comment about Zimmer's termination over the next six days. As of noon on Wednesday10, the
Men's Wearhouse website still prominently featured Zimmer and there was even an online
feature available called "Ask George."11 Later that day, Zimmer's image was removed from the
website's homepage and was replaced with a young, trim suited man (see Appendix 2). The
"Ask George" feature was also disabled. During these days of silence, speculation about the
exact cause of Zimmer's abrupt termination was rampant. CEO Doug Ewert declined any public
comment about Zimmer.12 A few of the top theories (as published by prominent media sources)
were as follows:
 Zimmer opposed escalating top executive pay packages.13 (Fox News)
 Zimmer wanted to take the company private.14 (NBC)
5
 Zimmer's dismissal as Executive Chairman grew out of dissatisfaction with Douglas
Ewert, his chosen successor as chief executive.15 (The WSJ)
 Mr. Zimmer lost an internal power struggle. During his transition to a smaller role at the
company, Zimmer had difficulty letting go of the reins and the leadership of the
business.16 (USA Today)
 Zimmer may have been ousted as part of a company attempt to attract customers from the
Millennial generation, a demographic among which Men's Wearhouse has yet to gain
serious traction.17 (Forbes)
On June 24th, George Zimmer's official letter of resignation18 was filed with the SEC. In
this letter, Zimmer repeated his dissatisfaction with his termination and reasserted that he was
fired in order to silence his growing concerns with recent board decisions and the strategic
direction of the company he founded and "successfully led for the past 40 years."
Men's Wearhouse broke the silence on June 25th by posting an official statement to its
website titled "Men's Wearhouse Board of Directors Provides Further Comments on Termination
of George Zimmer"19. A similarly-worded statement was also filed to the SEC titled "Letter to
Employees"20. In these releases, several reasons were given as explanation for Zimmer's
termination (as directly quoted below):
 Mr. Zimmer refused to support the [key management] team unless they acquiesced to his
demands.
 Mr. Zimmer expected veto power over significant corporate decisions. Among them was
executive compensation.
 Mr. Zimmer objected to the review of strategic alternatives for K&G as proposed by
management and supported by the Board.
 Mr. Zimmer argued for a sale of Men's Wearhouse to an investment group. The Board
believes such a transaction would not be in the best interests of our shareholders, and it
would be a very risky path.
 Mr. Zimmer wouldn't accept anything other than full control of the company and the
Board was left with no choice but to terminate him as Executive Chairman.
Besides this official release, CEO Ewert spoke briefly about Zimmer during an interview
with CNBC about the future of Men's Wearhouse. When asked if Zimmer's termination was the
only option left to the board in the wake of disagreements, Ewert said, "The board tried very hard
to find another resolution and was really left in this position." Ewert also mentioned that the
board had not had contact with Zimmer since the termination.21
It did not take long for Zimmer to react to the board's official statement. On June 26th,
Zimmer published a lengthy public letter titled "Open Letter From George Zimmer to the Men’s
Wearhouse Family"22. In this letter, Zimmer accused the board of pursuing short term financial
strategies (such as selling the K&G division) to alleviate the pressures of Wall Street investors
instead of investing the majority of profits back into the company. Zimmer also claims that the
board would not consider his own suggestion to study a broader range of strategic alternatives
such as considering taking the company private: "The Board quickly and without the assistance
of financial advisors simply rejected the idea, refused to even discuss the topic or permit me to
6
collect [...] any information about its possibilities," Zimmer stated. He goes on to conclude that
"over the past two years [...] I believe that the Board and management have been eroding the
principles and values that have made The Men’s Wearhouse so successful for all stakeholders
[...] I am greatly concerned about the future of the company."
IV: Response
Customer & Media Backlash
Executive Chairman George Zimmer was fired from the company he started. What prompted the
men’s clothes chain to take such drastic action? We have no idea. But as part of the elite media
establishment, we felt it our duty to irresponsibly speculate: The board just didn't like the way he
looked. 23 ~ Mad Magazine
While the media used Zimmer's taglines "you are going to like the way you look" and "I
guarantee it" as a punch line in almost every article published about Zimmer's termination,
speculation about exactly what happened was widespread. Inquiries about Zimmer's termination
came flooding into Men's Wearhouse via phone calls, e-mails, the "Ask George" website feature
(until it was disabled), as well as the "Ask Doug" feature (for CEO Doug Ewert). Men's
Wearhouse did not return inquiries.12 A sampling of headlines from prominent media
publications reporting the Men's Wearhouse / Zimmer split can be found in Appendix 3.
Customers did not respond favorably to Zimmer's termination. The brunt of customer
backlash took place on the Men's Wearhouse Facebook page.24 A seemingly innocuous June
21st company post advertising suede shoes got 604 comments, 100 shares, and 1,483 likes. The
most liked comment (with 172 likes) was, "Mr. Zimmer was an asset now all you have is a
liability... -1 customer." The second most liked comment (with 149 likes) was, "Hope you enjoy
the coming mass exodus of customers...consider your page 'unliked.'" Facebook comments
specific to Zimmer's termination continued to pour in. The June 24th "Add Plaid to Your
Summer Wardrobe" post got 217 comments and the June 28th "Casual Friday" post got 88
comments. These comments continued throughout July and eventually tapered off during the
first week of August. An analysis of customer comments made to official Men's Wearhouse
postings between the June 17th "Prom" post and the August 1st "Formal Shoes" post reveals the
following major themes:
 I will never buy from Men's Wearhouse again / my business will be taken elsewhere.
 Bring George Zimmer back / apologize to him.
 CEO Doug Ewert and the Men's Wearhouse board are greedy / self-serving / arrogant /
classless. The board fired George Zimmer because he objected to executive salary
increases. All that the Men's Wearhouse board cares about is people's wallets.
 George Zimmer was what was right with corporate America. He was one of the few
corporate leaders who looked out for customers and employees.
 Zimmer was the heart of Men's Wearhouse / the company will never be the same.
Twitter also exhibited high levels of customer backlash regarding Zimmer's termination.
As shown in the below chart, tweets about Men's Wearhouse between June 19th and June 20th
spiked to 8,747 total tweets, up from a normal average of around 60 tweets per day.25 The topics
7
of these tweets were similar to customer backlash on Facebook. Appendix 4 displays a few
selected tweets regarding Zimmer's termination.
Just as Men's
Wearhouse remained mute to
media inquiries, Men's
Wearhouse did not comment or
respond to customers on either
Facebook or Twitter. Neither
the Men's Wearhouse Facebook
page nor the Men's Wearhouse
Twitter account
@menswearhouse ever made
any mention of Zimmer's
termination from the company.
Source: Topsy Pro 25
Employee Bewilderment
From several reports, it appears that the Men's Wearhouse management team did not
disseminate additional information to employees beyond what was given in the June 19th and
June 25th official company statements. On June 24th, one employee commented under the
"Wear Plaid" advertisement on Facebook that "everyone who works for the company is now
afraid of losing their jobs. We are getting no information and our questions are met with hostility
and a defensive attitude. This isn't right." A current Men's Wearhouse employee, who wished to
remain anonymous, described the way that employees found out about Zimmer's termination:
We received an email from the acting president/CEO (Doug Ewert) that told us in generic
terms that the company was going in a different direction but did not give any specific
information to the employees about the firing. I understand that it is possibly to protect George,
but I think a little more description was due to the employees. Included in the email was more
generic pro-Men's Wearhouse jargon ensuring our company was still an innovator and an
industry leader. I realize that if Zimmer's termination was necessary, action needed to happen.
What I don't understand is the masking of the situation.
Other employees took the defensive against the sudden wave of customer backlash. On
June 24th, June 28th, June 29th, July 2nd, and July 4th, several employees posted to the Men's
Wearhouse Facebook page. The contents of these employees' posts generally defended the
company's decision to fire Zimmer or attempted to deflect customer backlash away from Men's
Wearhouse frontline employees. One such comment was posted on June 28th by Men's
Wearhouse tailor Chris Valadas:26
As a Men's Wearhouse employee, it hurts to see that our friends, neighbors, and fellow
professionals would boycott a company over decisions made outside of the hands of the people
that actually deliver on the guarantee itself. The people that are feeling the brunt of the recent
changes are the people that provide you the service in the stores. We aren't abandoning you,
please don't abandon us.
8
Men's Wearhouse employee Facebook posts were mostly met with continued customer backlash.
For example, one customer replied to the above comment "Sorry Chris...as a long time customer
this is really the only way we can express our anger....maybe instead of trying to guilt us you
write to the execs and question their greed, they are the ones costing you commissions."
Investor Unease
In a 10-K SEC filing on April 3rd, Men's Wearhouse stated that Zimmer continued to be
"very important to the success of the company" and that "the extended loss of the services of Mr.
Zimmer or other key personnel could have a material adverse effect on the securities markets'
view of our prospects and materially harm our business."27 Investors were taken by surprise to
learn of Zimmer's termination on Wednesday morning, June 19th. Men's Wearhouse shares
declined as much as 6.9% Wednesday before they recovered to close at $37.04, down 1.1%.3
Between June 18th and June 24th, shares continued on a downward trend, starting at
$37.47 and declining to close at $35.13, a 6.25% total decline. However, after its June 24th
trough, shares rallied on June 25th and, by August 2nd, hit a year-to-date peak of $40.75, a 16%
gain. The June 25th rally corresponds to the official statement released that day by Men's
Wearhouse providing further details about Zimmer's termination from the company. An image
mapping the Men's Wearhouse May through August stock price is provided below:
Source: Google Finance 28
The share price rally was also likely aided by the fact that the Men's Wearhouse
financials remained strong: same-store sales were up 7.1% year-over-year and profits increased
23% in the fiscal first quarter, which had been reported in May.4 Earnings per share had
increased at double-digit rates over the previous two years, as Men's Wearhouse successfully
navigated a style shift in suits toward slimmer, more European-style fits.29
At the time of his departure from the company, Zimmer owned 3.6% of the company's
shares,11 making him the largest single shareholder and the seventh largest shareholder overall
(when including investment groups).3 Zimmer's severance pay totaled $2.7 million as well as
$250,000 per year until 2016 for licensing his image.30
9
V. A Brand Identity Crisis
"Love him or hate him, George Zimmer WAS the brand. [His guarantee] – delivered through the image of
a comfortable and confident George in a chair – was crystal clear." 17
- Brent Vartan, chief strategy officer at Deutsch
While a company can fire a founder, they cannot fire his brand.31 As the first Zimmerfree morning of Thursday, June 20th dawned, Men's Wearhouse employees, investors, and
customers alike must have been wondering "well, what is the corporate identity now?" In fact,
the first day after Zimmer’s departure was far from Zimmer-free. Zimmer’s image covered the
Men’s Wearhouse website, store interiors, advertisements, and he appeared in all television
commercials. The fact that Men's Wearhouse did not have a contingency plan in place for
Zimmer's departure was immediately apparent. While public interest in Zimmer rose 337%13
over the next few days, public perception was that the Zimmer/Men’s Wearhouse split was both
unplanned and a relatively icy affair.17
In the immediate days after Zimmer left the company, images of Zimmer were removed
from many parts of the company website and Men's Wearhouse store interiors. Images of young,
slim suited men were put in Zimmer's place. The website was also altered so that any customer
searching for “George Zimmer” would be redirected to a results page for Kenneth Cole topselling men’s suites (see Appendix 5). At the time of the writing of this case, the timeline
section of the Men's Wearhouse website somewhat ominously ends with the 2011 event “George
Zimmer hands over the CEO title to President and COO Doug Ewert.”1
The first television commercial in 25 years in
which Zimmer did not make an appearance was aired on
July 8th.32 In the commercial, young, muscular men
wearing boxer shorts and ties wave signs at pedestrians in
the street in order to promote the Men’s Wearhouse
National Suit Drive, an annual charity event that donates
suits to unemployed men who are looking to get back
into the workforce (see photo right33). The commercial
omitted the phrase “you are going to like the way you
look” and did not include a reference to any sort of
guarantee.
Several analysts point out that the time may have been ripe for a change to the Men's
Wearhouse brand. In recent years, the company's business has been shifting to capture a more
youthful customer base. Men's Wearhouse added a slim-fit line that now accounts for about a
third of its business while tuxedo rentals to people ages 18-30 now totals over 3 million rentals a
year.3 In fact, the publicity over Zimmer's ouster could also help the company, since many view
the brand to have become dated.34 In the original slim-fit suit television advertisements, for
example, images of trim, young males in suits were followed by "a grizzled guy with a gray
beard" which left some younger customers wondering what business he had telling them "you
will like the way you look." Post-Zimmer Men's Wearhouse advertisements increasingly reflect
10
a more athletic, urbane attitude to dressing that is likely meant to cater to Millenials and Gen Y
shoppers.
Others contend that the consequences of abruptly dropping Zimmer from the Men's
Wearhouse brand are substantial. For one thing, having a single brand spokesperson is far less
expensive as compared to hiring celebrities for endorsements. Men's Wearhouse spends less
than competitors on ads – just $92.2 million31 in 2012 (3.7% of total sales35). Macy's, in
comparison, spent 4.3 percent of its sales (or $1.1 billion) on advertising.31 Additionally, a
single brand spokesperson provides a company with the flexibility to credibly promote any topic,
from a Presidents' Day sale to a chat about the brand's origins. Advertising executives say that
Men's Wearhouse is in a particular bind because the ads featuring Mr. Zimmer have been
remarkably effective.31 At 25 years running, Zimmer's "I guarantee it" ads are one of the
longest-lasting advertising campaigns in US history and Zimmer himself is one of the US's most
recognized corporate personalities.13 Zimmer may have seemed an odd juxtaposition for a brand
trying to be hip, but a comparable strategy has worked for brewery Dos Equis, whose
advertisements for its beer have featured a grizzled man deemed "the most interesting man in the
world." Advertising experts point out that there is a tipping point between being inspirational
and being old or irrelevant. Dos Equis advertisements have been successful in providing
mystique to the younger audience.34 See Appendix 6 for a comparison between the Dos Equis
and Men's Wearhouse ad campaigns.
VI: Passing the Torch
"[George Zimmer] was a guy who founded and built the company, who probably thought that things can
go on the same way forever, and that's the problem with founders... [George didn't] want to go away. But
management [was] beholden to customers and shareholders.'' 16
~ Robbie Vorhaus, independent communications strategist
The spokesperson marketing technique can be very successful until the inevitable occurs:
the spokesperson ages, leaves, dies, or gets into trouble. Some companies have been able to
successfully navigate such transitions. Frank Perdue had been the face of the Perdue Farms
brand (a poultry company) for 24 years before passing the torch to his son, Jim Perdue in 1995.
In a joint commercial, Frank introduces Jim as "a little project I have been working on for the
past 45 years – the result of decades of intensive development." This first commercial was
quickly followed by three more designed to establish Jim as the new company spokesperson.36
In another example, Wendy's lost its founder and spokesperson Dave Thomas in 2002 when he
died of cancer at the age of 69. Thomas had appeared in almost every Wendy's advertisement
(over 800 of them) since 1989 and was considered one of the nation's most recognized television
spokesmen. Wendy's handled the transition by running commercials that featured Thomas'
daughter Wendy, the restaurants' namesake and the inspiration for the cartoon redhead in the
company logo.37
Other companies' transitions have not been as smooth. At the time of his death at the age
of 88, Orville Redenbacher had been in ads for products bearing his name since 1976; his face
was also integral part of package logos.38 In an effort to keep their spokesperson, the Orville
Redenbacher company created an ad using rotoscope animation to create a realistic live-image of
Redenbacher (created frame by frame based on old video footage). Public response to the ad
11
was one of overwhelming horror. The word "creepy" was the most prevalent descriptor for the
ad and it was quickly taken off the air.39 Similarly, when the founder of Kentucky Fried Chicken
(KFC), Colonel Harland Sanders, died, the company could not decide how to react. It tried ads
with an actor impersonating the colonel, and a cartoon version of him, leaving consumers
confused.31
Some ousted founders have returned to the companies they founded. Steve Jobs' story is
one of the prime examples of redemption in business lore. Apple co-founder Steve Jobs was
forced out of the company following his unsuccessful bid to have CEO John Sculley removed in
1985. Jobs made his way back to the Apple in 1996 when the company acquired his NeXT
startup. Upon his return, Jobs again became an integral part of the company and served as CEO
from 2000 until his death in 2011.40 Other ousted founders never return. Examples include
Mike Lazaridis of BlackBerry and David Neeleman of Jet Blue Airlines. Lazaridis likely
stepped down as a result of shareholder pressure and Neeleman was pushed out by the notion
that the company could have been more profitable under different leadership.41
VII: Continuing Challenges
Financial Challenges
Besides Zimmer's June departure from the company, 2013 was a challenging year for
Men's Wearhouse. Superstitious brides and grooms avoided 2013 weddings, a particular blow to
the Men's Wearhouse tuxedo business.21 In August, Men's Wearhouse posted a fiscal second
quarter net income of $42.9 million, down 28% from $59.4 million in the same period of the year
prior.42 The company also cut its full-year guidance forecast. In November, Men's Wearhouse
posted a fiscal third quarter net income of $38.2 million, down 22% from $48.8 million in the
same period of 2012 (see chart below):
*
Source: Men's Wearhouse 10Q SEC Filings43
*$ millions
Jos. A. Bank Takeover Bid
On Wednesday, October 9th, Men's Wearhouse (whose market capitalization was $1.8
billion44) received an unsolicited $2.3 billion ($48 per share) takeover bid from smaller rival Jos.
A. Bank. Some analysts speculate that Jos. A. Bank was attempting to pounce during a moment
of turmoil for Men’s Wearhouse, since Men's Wearhouse had recently ousted its founder and cut
its profit forecasts.45 In an official statement published the same day as the unsolicited bid,
Men's Wearhouse rejected the offer, stating that "the Jos. A. Bank proposal significantly
undervalues Men's Wearhouse by failing to reflect Men's Wearhouse's leading market position
12
and compelling value creation prospects."46 Men's Wearhouse quickly implemented a
shareholder rights plan (also known as a "poison pill") to prevent new investors from gaining
sizable control of the company.47
The decision to reject the Jos. A. Bank offer was criticized by shareholders. Hedge fund
Eminence Capital LLC (Men's Wearhouse's largest shareholder group with 9.8% of the stock)
called the rejection of the offer by the Men's Wearhouse board "reckless and misinformed"
although it agreed that the $2.3 billion bid was too low. Eminence urged Men's Wearhouse to
engage in talks with Jos. A. Bank over the merger offer.48 Instead, Men's Wearhouse waited for
Jos. A. Bank to withdraw their bid before surprising many with a maneuver known as the "Pac
Man defense": on November 26th, Men's Wearhouse made an unsolicited bid to acquire Jos. A.
Bank for $1.5 billion ($55 per share).49
13
APPENDIX 1
Men's Wearhouse & George Zimmer Public Statements (Full Text in Chronological Order)
_____________JUNE 19TH MEN'S WEARHOUSE OFFICIAL STATEMENT 7____________
Men's Wearhouse Announces George Zimmer Leaving Company
Annual Meeting Postponed
FREMONT, Calif., June 19, 2013 /PRNewswire/ – The Board of Directors of Men's Wearhouse
(NYSE: MW) today announced that it has terminated George Zimmer from his position as
Executive Chairman. The Board expects to discuss with Mr. Zimmer the extent, if any, and
terms of his ongoing relationship with the Company.
In light of Mr. Zimmer's termination, the Company also announced that it is postponing its
Annual Meeting of Shareholders, which had originally been scheduled for June 19, 2013, at
11:00 a.m. Pacific daylight time. The purpose of the postponement is to re-nominate the existing
slate of directors without Mr. Zimmer.
The Company expects to announce the rescheduled date, time and location of the postponed
Annual Meeting shortly. The Company will set a new record date, provide additional
information with respect to the Annual Meeting in a supplement to its proxy statement to be filed
with the Securities and Exchange Commission and commence a new solicitation with respect to
the supplemented proxy materials. Shareholders are urged to read the supplement in its entirety,
as it will contain important information about the Annual Meeting.
______________JUNE 19TH GEORGE ZIMMER STATEMENT TO CNBC 9_____________
Over the last 40 years, I have built MW into a multi-billion dollar company with amazing
employees and loyal customers who value the products and service they receive at MW. Over the
past several months I have expressed my concerns to the Board about the direction the company
is currently heading. Instead of fostering the kind of dialogue in the Boardroom that has in part
contributed to our success, the Board has inappropriately chosen to silence my concerns through
termination as an executive officer.
__________________________JUNE 24TH SEC 8K FILING 18_________________________
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(a) On June 24, 2013, George Zimmer resigned from the Board of Directors of The
Men’s Wearhouse, Inc. (the “Company”) effective immediately. Mr. Zimmer’s
resignation follows the Company’s previous announcement that the Board of Directors of
the Company terminated Mr. Zimmer from his position as Executive Chairman of the
Company effective as of June 18, 2013.
14
Mr. Zimmer’s resignation stemmed from disagreements regarding recent Board decisions and the
strategic direction of the Company. Please see Mr. Zimmer’s letter of resignation, which is filed
herewith as Exhibit 99.1
FROM THE DESK OF
GEORGE ZIMMER
June 24, 2013
Board of Directors
The Men’s Wearhouse, Inc.
6100 Stevenson Blvd.
Fremont, California 94538
Dear Directors:
It is clear from the Board’s decision to terminate me from my role as Executive Chairman
and my position as a senior management executive that the Directors have determined to
avoid addressing my growing concerns with recent Board decisions and the strategic
direction of the company I founded and successfully led for the past 40 years.
Consequently, I am writing to submit my resignation from The Men’s Wearhouse Board
of Directors, effective immediately.
The Board’s decision, however, cannot dampen my enthusiasm for all that has been
accomplished since 1973. As the founder and still a major shareholder, I still care deeply
about the company and its future. I leave The Men’s Wearhouse with a deep sense of
pride for what the company has done for the benefit of our dedicated employees, loyal
customers and shareholders to whose service I have been completely committed.
Adherence to this guiding principle of servant leadership made The Men’s Wearhouse the
great company it is today. I strongly encourage you to continue this culture into the
future for the best interests of all the company’s stakeholders.
Sincerely,
/s/ GEORGE ZIMMER
George Zimmer
_____________JUNE 25TH MEN'S WEARHOUSE OFFICIAL STATEMENT 19___________
Men's Wearhouse Board of Directors Provides Further Comments on Termination of
George Zimmer
FREMONT, Calif., June 25, 2013 /PRNewswire/ – The Board of Directors of Men's Wearhouse
(NYSE: MW) today provided further comments regarding the termination of George Zimmer as
Executive Chairman on June 19, 2013. The Board stated:
15
"Our actions were not taken to hurt George Zimmer. Rather we were focused on what we
believed to be in the best interests of Men's Wearhouse, as well as shareholders and employees.
While Mr. Zimmer owns 3 ½% of the stock, it is our obligation to represent the interests of all
shareholders.
"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. He advocated for significant changes that would enable him to regain control, but
ultimately he was unable to convince any of the Board members or senior executives that his
positions were in the best interests of employees, shareholders or the company's future. These
issues of contention included, among other things:





After selecting our CEO, Doug Ewert, and several of the key management team members
that have effectively been running the company for many years with great success, Mr.
Zimmer eventually refused to support the team unless they acquiesced to his demands.
Mr. Zimmer expected veto power over significant corporate decisions. Among them was
executive compensation despite the fact that we – as required of a public company – have
an independent committee of the Board that sets policy in this area.
After initially supporting the review of strategic alternatives for K&G as proposed by
management and supported by the Board, Mr. Zimmer reversed course. Despite Mr.
Zimmer's objection, the Board and management remain committed to the K&G review
process.
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 Board believes
such a transaction would not be in the best interests of our shareholders, and it would be a
very risky path on many levels. It would require the company to take on a huge amount
of debt to pay for such a transaction. The Board strongly believes that such a transaction
would be highly risky for our employees and would threaten our company culture that is
so important to all of us.
The Board is unanimously of the view that now is not the time to sell the company. The
Board is committed to a strategic plan carefully developed by CEO Doug Ewert and the
rest of the company's experienced management team, which we all believe will maximize
long-term value for all shareholders.
"Mr. Zimmer presented the Board with the choice of either a) continuing to support our CEO and
the management team on the successful path they had been taking, or b) effectively re-instating
Mr. Zimmer as the sole decision maker. The Board strongly believed that the best course of
action was to re-affirm its support for Doug Ewert, the senior management team, our
shareholders and our employees.
"Neither the Board nor management desired a total breakdown of the relationship between Mr.
Zimmer and the company. In our discussions with Mr. Zimmer, we made considerable efforts to
find a solution that would have allowed him to continue to have a significant involvement with
Men's Wearhouse. Unfortunately, Mr. Zimmer wouldn't accept anything other than full control
of the company and the Board was left with no choice but to terminate him as Executive
Chairman.
16
"As a Board, we care deeply about the culture of Men's Wearhouse, which we fostered and
helped create along with the management team and our 17,000 valued employees. We stand
behind its core values of world-class customer service, servant leadership and the open door
culture that celebrates the value of every voice. As we stated, we fully support Doug Ewert, our
CEO, and senior management team who are unified and focused on the future of the company
and the best interest of our shareholders, employees and customers."
__________________________JUNE 25TH SEC 8K FILING 20_________________________
June 25, 2013
To All Employees,
Your Board of Directors understands that some employees have questions regarding the
termination of George Zimmer as Executive Chairman.
Please understand that our actions were not taken to hurt George. Rather we were
focused on what we believed to be in the best interests of Men’s Wearhouse, as well as
shareholders and employees. While George owns 3 ½% of the stock, it is our obligation
to represent the interests of all shareholders.
George had difficulty accepting the fact that the 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. He advocated for significant changes that would enable him to
regain control, but ultimately he was unable to convince any of the Board members or
senior executives that his positions were in the best interests of employees, shareholders
or the company’s future. These issues of contention included, among other things:
After selecting our CEO, Doug Ewert, and several of the management team that has
effectively been running the company for many years with great success, George
eventually refused to support the team unless they acquiesced to his demands.
George expected veto power over significant corporate decisions. Among them was
executive compensation despite the fact that we – as required of a public company – have
an independent committee of the Board that sets policy in this area.
After initially supporting the review of strategic alternatives for K&G as proposed by
management and supported by the Board, George reversed course. Despite George’s
objection, the Board and management remain committed to the K&G review process.
George 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 Board believes
such a transaction would not be in the best interests of our shareholders, and it would be a
very risky path on many levels. It would require the company to take on a huge amount
of debt to pay for such a transaction. The Board strongly believes that such a transaction
17
would be highly risky for our employees and would threaten our company culture that is
so important to all of us.
The Board is unanimously of the view that now is not the time to sell the company. The
Board is committed to a strategic plan carefully developed by CEO Doug Ewert and the
rest of the company’s experienced management team, which we all believe will
maximize long-term value for all shareholders.
George presented the Board with the choice of either a) continuing to support our CEO
and the management team on the successful path they had been taking, or b) effectively
re-instating George as the sole decision maker. The Board strongly believed that the best
course of action was to re-affirm its support for Doug Ewert, the senior management
team, our shareholders and our employees.
Neither the Board nor management desired a total breakdown of the relationship between
George and the company. In our discussions with George, we made considerable efforts
to find a solution that would have allowed him to continue to have a significant
involvement with Men’s Wearhouse. Unfortunately, George wouldn’t accept anything
other than full control of the company and the Board was left with no choice but to
terminate him as Executive Chairman.
As a Board, we care deeply about the culture of Men’s Wearhouse, which we fostered
and helped create along with the management team and all of you, who make this
company what it is today. We stand behind its core values of world-class customer
service, servant leadership and the open door culture that celebrates the value of every
voice. As we stated, we fully support Doug Ewert, our CEO, and senior management
team who are unified and focused on the future of the company and the best interest of
our shareholders and employees.
We know that the actions of the Board have concerned many of you, but we hope you
understand that these were choices that needed to be made, and we have great confidence
in the strength of this company, its future direction, and particularly all of you.
Thanks for all you have done – and will do – for Men’s Wearhouse.
Sincerely,
The Men’s Wearhouse Board of Directors
___________JUNE 26TH GEORGE ZIMMER OPEN LETTER PUBLICATION 22__________
From George Zimmer
June 26, 2013
Since 1973 when I opened the first The Men’s Wearhouse store in Houston, with the help of tens
of thousands of current and former employees, we have built a multi-billion dollar company
18
based on two guiding principles. The first is to serve customers by delivering value and an
enjoyable shopping experience and the second is to embody the values of servant leadership by
trusting and empowering our employees to create that experience. I believed that if we did these
things right, customers would be satisfied, employees would feel appreciated and motivated and
shareholder value would be created. And, in fact, all this has happened.
Over the years, as CEO, I consistently encouraged the company to take a longer term approach
of investing most of our profits back in the company, delivering value to our customers and
building a loyal and dedicated workforce totally committed to service, rather than pursuing
shorter term strategies based on financial engineering. Inside the Boardroom, we often had
spirited discussions about how best to achieve these objectives. Regardless of whether the Board
eventually sided with my point of view or not, I believe this dialogue and discussion led to better
decisions that contributed to the success of The Men’s Wearhouse.
Unfortunately, this dynamic seems to have changed.
Just one month after the directors unanimously nominated me for reelection to the Board, last
week they abruptly fired me from my management role and postponed the Annual Stockholder
Meeting so they could nominate a new slate of directors that excluded me. To justify their
actions, they now have tried to portray me as an obstinate former CEO, determined to regain
absolute control by pushing a going private transaction for my own personal benefit and ego.
Nothing could be further from the truth.
The reality is that over the past two years, and particularly over recent months, I believe that the
Board and management have been eroding the principles and values that have made The Men’s
Wearhouse so successful for all stakeholders.
Earlier this year, concerned with the Board’s response to the short term pressures of Wall Street,
I encouraged the Board to at least study a broader range of strategic alternatives beyond simply
selling the K&G division, including the possibility of a going private transaction. Rather than
thoughtfully evaluating the idea or even checking the market to see what value might be created
through such strategic alternatives, the Board quickly and without the assistance of financial
advisors simply rejected the idea, refused to even discuss the topic or permit me to collect and
present to the Board any information about its possibilities and feasibility, and instead took steps
to marginalize and then silence me.
Such behavior by the Board does not strike me as consistent with sound principles of good
corporate governance or the core values of The Men’s Wearhouse, but instead suggests that the
directors were more concerned with protecting their entrenched views and positions than
considering the full range of possibilities that might benefit our shareholders and indeed all our
stakeholders.
To be clear, at this point I have not concluded that taking The Men’s Wearhouse private is a
better means of preserving the unique culture and values that have made the company so
successful over the years. What I do know is that as a founder and large shareholder, I am greatly
concerned about the future of the company if this culture and these values are lost, and believe
19
that the Board should be open to at least consider the full range of possibilities that could
optimize the future value of the company for all stakeholders.
To the countless employees who have attempted to contact me over the past week, I appreciate
your kind gestures and support. I am so very proud of the company we built together and nothing
will change that. I encourage you to stay focused on serving your customers and maintaining
your jobs. Please do not concern yourselves with my well-being at the risk of your own.
20
APPENDIX 2
Website Transformation
____________________________________Before____________________________________
____________________________________After_____________________________________
21
APPENDIX 3
Media Headlines
Zimmer, You Might Not Like the Way This Looks
- CNBC (June 19th)
Men's Wearhouse founder firing: What happened?
- CNN (June 19th)
Men's Wearhouse fires George Zimmer, no longer liking the
way he looks
- Newswire (June 19th)
Did Men's Wearhouse Just Fire Its Whole Brand?
- Forbes (June 20th)
A Boot At Men's Wearhouse
- Wall Street Journal (June 20th)
Dumping the Face, and Founder, of Men's Wearhouse
- The New York Times (June 20th)
Men’s Wearhouse’s Ouster of Founder Seen Hurting Brand
- Bloomberg (June 20th)
Men’s Wearhouse breaks silence: George Zimmer fired over
power-hungry push
- The Washington Times (June 25th)
Men's Wearhouse Guaranteed Itself a PR Nightmare
- Fox Business (June 26th)
22
APPENDIX 4
Selected Tweets - June 19th
23
APPENDIX 5
Website Search Results for "George Zimmer"
24
APPENDIX 6
Dos Equis / Men's Wearhouse Ad Campaign Comparison
_________________________________Dos Equis____________________________________
_______________________________Men's Wearhouse________________________________
25
IX: References
1
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wcs/stores/servlet/ContentAttachmentView?contentName=MW4ABTtimeline.html&catalogId=12004&top
=&parent_category_rn=&categoryId=&langId=-1&storeId=12751.
2
9 Reasons Why George Zimmer May Be The Most Interesting Man In The World. (19 June 2013).
Huffington Post. Retrieved from http://www.huffingtonpost.com/2013/06/19/george-zimmer-mostinteresting-man_n_3466491.html?ncid=edlinkusaolp00000003.
3
Lublin, Joann S & Kapner, Suzanne. (20 June 2013). Corporate News: A Boot at Men's Wearhouse. The
Wall Street Journal, Eastern edition, section B.2. Retrieved October 21, 2013 from ProQuest Database.
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Belton, Beth (26 June 2013). Men's Wearhouse Fires Back at George Zimmer; Founder Undermined
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database.
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Douglas S. Ewert. (2013). Executive Profile. Bloomberg Businessweek. Retrieved from http://investing.
businessweek.com/research/stocks/people/person.asp?personId=317700&ticker=MW.
6
Kaplan, David. (20 June 2013). Men's Wearhouse Sends Founder Zimmer Packing. The Houston
Chronicle. Retrieved from http://www.houstonchronicle.com/business/article/Mens-Wearhouse-sendsfounder-Zimmer-packing-4611126.php#/0.
7
Men's Wearhouse Inc. (19 June 2013). Men's Wearhouse Announces George Zimmer Leaving Company.
Retrieved from http://ir.menswearhouse.com/press-releases/detail/9/mens-wearhouse-announces-georgezimmer-leaving-company.
8
TMZ staff. (16 June 2013). Men's Wearhouse Guy George Zimmer Fired! TMZ. Retrieved from http://
www.tmz.com/2013/06/19/mens-wearhouse-george-zimmer-fired/.
9
Reagan, Courtney. (19 June 2013). Zimmer, You Might Not Like the Way This Looks. CNBC. Retrieved
from http://www.cnbc.com/id/100828607.
10
Prial, Dunstan. (19 June 2013). Men's Wearhouse Ousts Founder Zimmer. Fox Business. Retrieved from
http://www.foxbusiness.com/industries/2013/06/19/men-wearhouse-ousts-founder-zimmer/.
11
Smith, Aaron. (19 June 2013). Men's Wearhouse Fires the "I Guarantee It" Guy. KCRA. Retrieved from
http://www.kcra.com/news/money/Men-s-Wearhouse-fires-the-I-guarantee-it-guy/-/11797182/20629004//di8s1qz/-/index.html.
12
Reagan, Courtney. (25 September 2013). Unlucky 13? One of Men's Wearhouse's Challenges. CNBC.
Retrieved from http://www.cnbc.com/id/101060424.
13
Prial, Dunstan. (25 June 2013). Men's Wearhouse Guaranteed Itself a PR Nightmare. Fox Business.
Retrieved from http://www.foxbusiness.com/industries/2013/06/25/men-wearhouse-guaranteed-itself-prnightmare/.
14
Associated Press. (25 June 2013). Men's Wearhouse: George Zimmer Wanted to Take Company Private.
NBC Bay Area. Retrieved from http://www.nbcbayarea.com/news/local/Board-Ousts-George-ZimmerFrom-Mens-Wearhouse-212976771.html.
15
Lublin, Joann S. & Kapner, Suzanne. (25 June 2013). Chair, CEO Clashed at Men's Wearhouse. The Wall
Street Journal, Eastern edition, section B.9. Retrieved October 21, 2013 from ProQuest Database.
16
Strauss, Gary. (9 October 2013). Men's Wearhouse Fires Founder George Zimmer. USA Today. Retrieved
from http://www.usatoday.com/story/money/business/2013/06/19/mens-wearhouse-founder-chairmangeorge-zimmer/2437493/.
26
17
Dill, Kathryn. (20 June 2013). Did Men's Wearhouse Just Fire Its Whole Brand? Forbes. Retrieved on 1
November 2011 from EBSCO Business Source Complete.
18
Men's Wearhouse Inc. (2013). Form 8-K June 24th George Zimmer Letter of Resignation. Retrieved from
SEC EDGAR website http://www.sec.gov/Archives/edgar/data/884217/000110465913051258/a1315423_
28k.htm.
19
Men's Wearhouse Inc. (25 June 2013). Men's Wearhouse Board of Directors Provides Further Comments
on Termination of George Zimmer. Retrieved from http://ir.menswearhouse.com/press-releases/detail/12/
mens-wearhouse-board-of-directors-provides-further-comments-on-termination-of-george-zimmer.
20
Men's Wearhouse Inc. (2013). Form 8-K June 25th Letter to Employees. Retrieved from SEC EDGAR
website http://www.sec.gov/Archives/edgar/data/884217/000110465913051259/a13-15423_3ex99d2.htm.
21
Reagan, Courtney. (25 September 2013). Unlucky 13? One of Men's Wearhouse Challenges. CNBC.
Retrieved from http://www.cnbc.com/id/101060424.
22
Zimmer, George. (19 June 2013). Open Letter From George Zimmer to the Men’s Wearhouse Family.
Business Wire. Republished by Yahoo Finance website at http://finance.yahoo.com/news/open-lettergeorge-zimmer-men-202400417.html.
23
Why Men's Wearhouse Fired Its Founder, George Zimmer. (2013). Mad Magazine. Retrieved 21 October
2013 from http://www.madmagazine.com/blog/2013/06/20/why-menswearhouse-fired-its-founder-georgezimmer.
24
Men's Wearhouse. (2013). Facebook. Retrieved 21 October 2013 from https://www.facebook.com/Mens
Wearhouse.
25
George Zimmer Activity. (2013). Topsy Pro. Retrieved 29 October 2013 from https://pro.topsy.com/#/
activity.
26
Valadas, Chris. (2013). Profile. LinkedIn. Retrieved 12 November 2013 from http://www.linkedin.com/
profile/view?id=114475697&authType=NAME_SEARCH&authToken=6vye&locale=en_US&srchid=298
597061384288385681&srchindex=1&srchtotal=1&trk=vsrp_people_res_name&trkInfo=VSRPsearchId%3
A298597061384288385681%2CVSRPtargetId%3A114475697%2CVSRPcmpt%3Aprimary.
27
Men's Wearhouse Inc. (2013). Form 10-K Item 1A Risk Factors. Retrieved from SEC EDGAR website
http://www.sec.gov/Archives/edgar/data/884217/000104746913003877/a2214104z10-k.htm.
28
Six Month Stock Performance. (2013). Google Finance. Retrieved on October 21, 2013 from https://www.
google.com/finance?q=NYSE:MW&sa=X&ei=l_dlUvlk4YLIAb_EgKgL&ved=0CDoQ2AEwAA.
29
Milstead, David. (26 June 2013). Men's Wearhouse May Not Offer Best Fit for Investors. The Globe,
Business p B16. Retrieved November 1, 2013 from LexusNexis database.
30
O'Neal, Sean. (19 June 2013). Men's Wearhouse Fires George Zimmer, No Longer Liking the Way He
Looks. Newswire. Retrieved from http://www.avclub.com/articles/mens-wearhouse-fires-spokesmangeorge-zimmer-no-lo,99219/.
31
Clifford, Stephanie (20 June 2013). When a Founder is the Face of a Brand. The New York Times.
Retrieved from http://www.nytimes.com/2013/06/21/business/media/when-a-founder-is-the-face-of-abrand.html?_r=0.
32
Saba, Jennifer. (14 July 2013). New Men's Wearhouse Ad Hits Airwaves Without Zimmer's Signature
Phrase. Huffington Post. Retrieved from http://www.huffingtonpost. com/2013/07/14/mens-wearhousead_n_3595477.html.
27
33
Men's Wearhouse. (2013). National Suit Drive. YouTube. Retrieved from http://www.youtube.com/watch?
v=ZABzBBLG8v0.
34
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35
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36
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37
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01/08/companies/wendys_obit/.
38
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40
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p/Steve-Jobs.htm.
41
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Retrieved from http://www.forbes.com/sites/karstenstrauss/2013/03/28/when-ceos-get-terminated-bycompanies-they-founded/.
42
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43
The Men's Wearhouse. (2012-2013). Investor Relations: 10Q Quarterly Filings. Retrieved 13 December
2013 from http://ir.menswearhouse.com/quarterly-filings.
44
Clifford, Stephanie. (25 June 2013). Men's Wearhouse Details Its Differences With Its Founder. The New
York Times. Retrieved from http://www.nytimes.com/2013/06/26/business/mens-wearhouse-detailsdifferences-with-founder.html?_r=0.
45
Rupp, Lindsey. (10 October 2013). Men's Wearhouse Rejects Jos. A. Bank's $2.3 Billion Bid. Bloomberg.
Retrieved from http://www.bloomberg.com/news/2013-10-09/jos-a-bank-makes-2-3-billion-proposal-tobuy-men-s-wearhouse.html
46
The Men's Wearhouse Inc. (9 October 2013). Men's Wearhouse Board Of Directors Rejects Unsolicited,
Non-Binding Proposal From Jos. A. Bank. Retrieved from http://ir.menswearhouse.com/press-releases/
detail/1125/mens-wearhouse-board-of-directors-rejects-unsolicited-non-binding-proposal-from-jos-a-bank.
47
The Men's Wearhouse Inc. (9 October 2013). Men's Wearhouse Adopts Limited Duration Shareholder
Rights Plan. Retrieved from http://ir.menswearhouse.com/press-releases/detail/1123/mens-wearhouseadopts-limited-duration-shareholder-rights-plan.
48
Rubin, Ben Fox. (15 November 2013). Jos. A. Bank Drops Bid for Men's Wearhouse. The Wall Street
Journal. Retrieved from http://online.wsj.com/news/articles/SB100014240527023037896045791994605
14451016.
49
Gelles, David. (26 November 2013). Once Suitor, Jos. A. Bank Is a Target for Men’s Wearhouse. The New
York Times. Retrieved from http://dealbook.nytimes.com/2013/11/26/mens-wearhouse-offers-to-buy-jos-abank/?_r=1.
28

Firing the Founder: A Men`s Wearhouse Identity Crisis

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