NEW YORK, May 22, 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") that has nominated two highly qualified candidates, Jonathan Duskin and Paul Metcalf, for election at the Company's upcoming annual meeting of stockholders, responded to Citi Trends' recently announced plans to declassify the organization of the Board.
Macellum believes Citi Trends' announcement that it will seek to declassify the Board at the 2018 annual meeting of stockholders is a desperate, eleventh-hour attempt to fool its stockholders. Conspicuously missing from the Company's announcement was the Board's commitment to fully declassify the Board immediately after its approval such that all the directors will stand for re-election in 2018. Who is to say this Board will not "slow-roll" the declassification over the next three years such that the Board is not really fully declassified until 2020? Stockholders should be wary of Citi Trends' omission of the specific timetable for the declassification.
Don't be misled! For years, Citi Trends has resisted good corporate governance practices. It was not until Macellum showed up that the Company decided to adopt majority voting. Now it is promising to declassify the Board without saying how long it will take.
Stockholders deserve better! Macellum believes this announcement is clearly intended to pander for your vote and is further evidence that this Board is reactive rather than proactive and is in dire need of refreshment.
We urge our fellow stockholders to reject this desperate attempt to win your vote and to elect our two highly qualified nominees to the Board.
VOTE THE WHITE PROXY CARD TODAY TO ELECT BOTH OF OUR 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