Men's Wearhouse's Board Explains Why Founder George Zimmer Was Fired

The board of directors of Men's Wearhouse today provided further comments regarding the termination of George Zimmer as executive chairman on June 19. The board stated: "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 percent of the stock, it is our obligation to represent the interests of all shareholders."