A company spokesman declined to say why Zimmer had been fired. In a statement, the retailer said Zimmer had been "terminated," CNNMoney reported Wednesday.
The company's board of directors "expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the company," a statement from the company said.
Zimmer, who helped found the company in Houston in 1973, is known for his television commercials that have run for years. He is known for the tag line: "You're going to like the way you look. I guarantee it."
Even before the store opened, Zimmer sold clothes out of the trunk of his car, CNNMoney reported. In an interview in 2010, he said Men's Wearhouse rented 33 percent of all the tuxedos in the United States and Canada.
Zimmer remains the largest shareholder, holding 3.6 percent of company stock, whose value dropped 1.8 percent in early trading Wednesday.