- 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