This is a wonderful deep dive into both privately run companies and the impact of going public. You have pulled back the curtains on a somewhat dark process. As an observer, I appreciate reading your history and understanding a little more about the process.
You and George built an incredible that served young business men. Kudos for that.
Let’s not fail to mention Ricky Sandler at Eminence Capital , the activist investor who forced the worst corporate merger in history. His motto is “ I don’t have to be right , I just have to win”.
You can bet he heard from me on Twitter . How my job doubled, 401k halved and I went from joy to misery. Of course if Charlie and Doug hadn’t run George out, we would never have been that vulnerable.
Yes, what a mess. Another downside to being a public company is the outsized influence companies like Eminence can have. They were very much in favor of the purchase of JOSB, and from what I can see, got out before the poo hit the fan. And IMO, it felt more like the Board was behind getting rid of George.
Yes; it was a crazy time. Plus it kinda coincided with men’s in-office fashion stepping down. I think the Board should have kept George as the face and instead of buying Jos A Banks- should have bought The Gap!
After George was removed, instead of taking care of the employees like he did. The change seemed a elitist greed button was pushed. The base of the company, its people because 2nd class citizens and the incentives were taken away. Happy employees helped build a successful company, because they were appreciated.
Glad to see your perspective out in the open, although it's in the distant past now. What is missing is that the lack of due dligence on the part of the Board and top-level executives seems to me to be where the blame should go. Did anyone in power at TMW actually stand up and oppose the tragic JOSABank decision?
Fascinating story Richie. I loved it! However it left me wondering what George knew? Your article has left me wanting more, like a good mystery. What did George know ? Any more details there....Keep them coming. : - )
What George knew at the time of the JOSB merger? Nothing. At the time he waned to take the company private? He didn't know anything--I think he was tiring of the the constraints from Wall Street.....
Thanks!! Hey, it’s been too long…maybe catch up on the phone one day next week?
So true on all counts. I built a startup up that went public on the ASX way too soon and it was a nightmare. Lessons learned.
Ugh....it took us almost 20 years to get the formula right....probably could do it faster today, given technology...
This is a wonderful deep dive into both privately run companies and the impact of going public. You have pulled back the curtains on a somewhat dark process. As an observer, I appreciate reading your history and understanding a little more about the process.
You and George built an incredible that served young business men. Kudos for that.
oops....that comment sitting up there in the middle of nowhere was meant for you:
Thanks!! Hey, it’s been too long…maybe catch up on the phone one day next week?
Let’s not fail to mention Ricky Sandler at Eminence Capital , the activist investor who forced the worst corporate merger in history. His motto is “ I don’t have to be right , I just have to win”.
You can bet he heard from me on Twitter . How my job doubled, 401k halved and I went from joy to misery. Of course if Charlie and Doug hadn’t run George out, we would never have been that vulnerable.
Yes, what a mess. Another downside to being a public company is the outsized influence companies like Eminence can have. They were very much in favor of the purchase of JOSB, and from what I can see, got out before the poo hit the fan. And IMO, it felt more like the Board was behind getting rid of George.
Great insights! George's departure felt abrupt at the time and I wondered what the falling out was about. It was no longer the same brand after that.
A sad story....in retrospect, George was spot on for wanting to take the company private
Excellent behind the scenes story. Keep up the great work Richie
Thanks David...you were probably around to witness some of the aftermath....what a mess!
Yes; it was a crazy time. Plus it kinda coincided with men’s in-office fashion stepping down. I think the Board should have kept George as the face and instead of buying Jos A Banks- should have bought The Gap!
After George was removed, instead of taking care of the employees like he did. The change seemed a elitist greed button was pushed. The base of the company, its people because 2nd class citizens and the incentives were taken away. Happy employees helped build a successful company, because they were appreciated.
Sorry you had to see it firsthand. You were part of building a great culture, and to see it crumble must have been difficult.
It changed so fast.
So right....and so sad...
Glad to see your perspective out in the open, although it's in the distant past now. What is missing is that the lack of due dligence on the part of the Board and top-level executives seems to me to be where the blame should go. Did anyone in power at TMW actually stand up and oppose the tragic JOSABank decision?
From what I heard, the answer to your question is yes, and you know the person who was against it. I wasn't there to see it firsthand....
Not my world, Richie boy, but an interesting read nonetheless. Keep ‘em coming.
Thanks....hope it was enlightening...
Fascinating story Richie. I loved it! However it left me wondering what George knew? Your article has left me wanting more, like a good mystery. What did George know ? Any more details there....Keep them coming. : - )
What George knew at the time of the JOSB merger? Nothing. At the time he waned to take the company private? He didn't know anything--I think he was tiring of the the constraints from Wall Street.....
Got it! Thanks!
Thanks for sharing!
Thanks Stacey....hope you're well!!