Geeknet terminates a purchase agreement with Hot Topic and accepts a $20 per share bid by GameStop.
Zimmer had earlier lost his CEO job with the apparel chain.
George Zimmer has long served as the public face of The Men’s Wearhouse Inc., starring in commercials made famous with the line, “You’re going to like the way you look. I guarantee it.”
There is even an “Ask George” section of the merchant’s web site, which tells consumers to send Zimmer a direct question or comment “about wardrobe, work, or whatever is on your mind.”
The future of that public role now appears uncertain, as the discount apparel retailer announced today that it had fired Zimmer from his position as executive chairman of the board. Men’s Wearhouse did not provide a reason for the termination, nor did the merchant respond to a request for comment. The retailer says the board will discuss with Zimmer his future relationship, if any, with the company.
The announcement came hours before an annual shareholder meeting was scheduled to take place. Men’s Wearhouse, No. 294 in the Internet Retailer Top 500 Guide, postponed that meeting scheduled for 11 a.m. Pacific time today so that the board could “re-nominate the existing slate of directors without Mr. Zimmer,” according to a written statement.
Zimmer founded Men’s Wearhouse in 1973 and served as CEO until 2011, when Douglas Ewert, previously the president and chief operating officer, took over that job. In 2011, Men’s Wearhouse said Zimmer would serve as executive chairman of the board and continue to be the “face and voice of Men’s Wearhouse.”