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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