NEW YORK, April 18, 2017 /PRNewswire/ -- Macellum SPV III, LP, Macellum Advisors GP, LLC, and certain of their affiliates (collectively, "Macellum"), a large stockholder of Citi Trends, Inc. (NASDAQ: CTRN) (the "Company" or "Citi Trends"), today issued a letter to stockholders correcting some of the Company's most blatant inaccuracies set forth in the Board's letter to stockholders dated April 11, 2017. In the letter, Macellum notes that the Board attempts to claim their strategy is working by comparing their total stockholder returns against one of the lowest periods of the Company's public history and against "peers" that the Board either fails to identify or consists of worst-in-class companies while ignoring competitors and best-in-class companies that have significantly outperformed Citi Trends. Macellum also expresses its outrage that the Board intends to spend up to $2.6 million of stockholders money, or 14% of last year's EBIT, to pursue a contested election against Macellum at the upcoming annual meeting of stockholders scheduled for May 24, 2017.
Macellum urges stockholders to vote today on the WHITE proxy card to elect its two highly qualified nominees — Jonathan Duskin and Paul Metcalf — to the Board at the Company's upcoming annual meeting.
Macellum Capital Management, LLC
Saratoga Proxy Consulting LLC
(212) 257-1311 or (888) 368-0379
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SOURCE Macellum Capital Management, LLC