Press release
Citi Trends Draws Down on Credit Facility
SAVANNAH, Ga.--(BUSINESS WIRE)-- Citi Trends, Inc. (NASDAQ: CTRN) announced today that it has drawn down $43.7 million in principal amount under its
About this update from Citi Trends, Inc.
[{"type":"text","content":" SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN) announced today that it has drawn down $43.7 million in principal amount under its committed $50 million revolving credit facility.\n\n\nThe Company’s borrowing under its revolving credit facility was a proactive measure taken by the Company to increase its cash position and preserve financial flexibility in light of current uncertainties resulting from the coronavirus (COVID-19) outbreak. In accordance with the terms of the revolving credit facility, the proceeds from this borrowing may in the future be used for working capital, general corporate purposes or other purposes permitted by the revolving credit facility.\n\n\nThe draw down on the facility is in addition to the actions previously announced that are being taken by the Company to strengthen its financial position and balance sheet and preserve liquidity during these uncertain times. These additional actions include reviewing all operating expenses, reducing capital expenditures, reducing inventory as appropriate and for the time being, the Company is not intending to repurchase any shares under the previously announced share repurchase program.\n\n\nAbout Citi Trends\n\n\nCiti Trends, Inc. is a value-priced retailer of fashion apparel, accessories and home goods for the entire family. The Company operates 574 stores located in 33 states. Citi Trends’ website address is www.cititrends.com. CTRN-G\n\n\nForward-Looking Statements\n\n\nAll statements other than historical facts contained in this news release are forward-looking statements that are subject to material risks and uncertainties. The words \"believe,\" \"may,\" \"could,\" \"plans,\" \"estimate,\" \"continue,\" \"anticipate,\" \"intend,\" \"expect,\" “upcoming,” “trend” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements, although not all forward-looking statements contain such language. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Actual results or developments may differ materially from those included in the forward-looking statements as a result of various factors which are discussed in the Company’s filings with t...