OPERATIONS

Zimmer absent from latest Mens Wearhouse ad

BY Katherine Boccaccio

Houston — Mens Wearhouse estranged founder George Zimmer is noticeably absent from the chain’s latest commercial, which launched in print and broadcast on July 8.

According to a Reuters report, the new ad focuses on the company’s National Suit Drive, an annual charity event that donated suits to unemployed men who are looking to get back in the workforce. Zimmer and his signature phrase — "You’re going to like the way you look. I guarantee it," — are nowhere to be found.

Zimmer, 64, was ousted in June as executive chairman after he engaged in a dispute with the board over the company’s structure and strategies.

Neither Zimmer nor Men’s Wearhouse has commented on the new marketing direction.

Men’s Wearhouse has the option to bring Zimmer back as a spokesman for the brand; the company has a licensing agreement with Zimmer who will receive $250,000 for each of the next four years, should they use his image in its advertising.

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FINANCE

Krispy Kreme announces $50 million share repurchase authorization

BY Katherine Boccaccio

Winston-Salem, N.C. — Krispy Kreme Doughnuts said its board has approved the repurchase of up to $50 million of the company’s common stock, effective immediately.

The company also announced that it has refinanced its secured credit facilities and retired in full the $22 million outstanding balance of its term loan.

The $50 million share repurchase program, according to Krispy Kreme, will be implemented through purchases made in either open market or private transactions. As of July 12, the company had approximately 66 million shares outstanding.

"Having completed a $20 million share repurchase program last year, we view this $50 million additional repurchase authorization as a further indication of Krispy Kreme’s financial strength, our outstanding free cash flow generation, and our positive outlook for the future," said James H. Morgan, president and CEO. “The repurchase authorization announced today reflects our desire to further enhance shareholder returns when our cash flow generation is excess to our current needs and when doing so is in the best interests of our shareholders."

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OPERATIONS

Former PetSmart chief named to HanesBrands board

BY Katherine Boccaccio

Winston-Salem, N.C. — HanesBrands said it has tapped PetSmart former chairman and CEO Robert Moran to serve on its board of directors, expanding the number of directors to 10.

Moran, 62, retired from PetSmart in June. He had served as CEO since 2009.

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