George Zimmer, founder of Men’s Wearhouse, just lost $10 million — and he’s 100% happy about it on an emotional level.
“It hurts me financially but it pleases me emotionally,” he told CNNMoney’s Christine Romans.
Zimmer, known for espousing his famous line, “You’re gonna like the way you look, I guarantee it,” was referring to the share price of his “baby” — Men’s Wearhouse (MW).
The company’s stock has slipped by more than 30% in the last month after the company ended the “buy 1 suit, get 3 free” deal offered by its recently acquired subsidiary Jos. A. Bank.
Zimmer was fired by Men’s Wearhouse’s board of directors in 2013.
“It was vindication for what happened,” he said while speaking of the stock price drop.
Zimmer said he’s been competing against Jos. A. Bank since 1973 and had considered buying them at various times “but it never really made sense,” he says.
Zimmer thinks the $1.8 billion acquisition price was crazy and he says Jos. A. Bank “destroyed their brand” by offering ultra-cheap discounts.
Jos. A Bank suits were even the point of an SNL skit in which they were used to mop up kitchen spills because they’re cheaper than paper towels.
He might have $10 million less in cash, but right now Zimmer is getting the best laugh.