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Macellum keeps hammering away at Citi Trends

Mar. 15, 2017 8:27 AM ETCiti Trends, Inc. (CTRN) StockBy: Clark Schultz, SA News Editor1 Comment
  • Macellum says the board at Citi Trends (NASDAQ:CTRN) refuses to commit to the appointment of any new directors, including Macellum's nominees.
  • The firm says it's disappointed that the Citi Trends board was unwilling to substitute new independent directors for those it believes have not been able to deliver value to stockholders.
  • Looking at Q4 results from Citi Trends, Macellum expresses concern that the company will struggle to sell their winter merchandise with inventories ending only down 1.7% at the end of the quarter. There's also a warning that the retailer will not have enough spring inventory to deliver to customers as tax refunds are issued.
  • Previously: Citi Trends beats by $0.02, revenue in-line (March 10)
  • Previously: More on Citi Trends' Q4 (March 10)
  • Source: Press Release

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