Press release
Citi Trends Provides Update on COVID-19 Response
SAVANNAH, Ga.--(BUSINESS WIRE)-- Citi Trends, Inc. (NASDAQ: CTRN) today provided an update on the actions it is taking in response to the continued spread of
About this update from Citi Trends, Inc.
[{"type":"text","content":" SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN) today provided an update on the actions it is taking in response to the continued spread of the coronavirus (COVID-19).\n\n\nCiti Trends will temporarily close all of its retail stores, effective today, March 20, 2020. Citi Trends currently expects its stores to remain closed for two weeks and plans to re-open on April 3, 2020. The Company is also temporarily closing its distribution centers and offices in New York, with associates working remotely when possible. All retail and distribution center associates will continue to receive full pay and benefits for their scheduled shifts during this time period. The Company will continue to monitor this timing based on guidance from federal, state and local authorities.\n\n\nIn response to the coronavirus outbreak, the Company is taking aggressive and prudent actions to strengthen its financial position and balance sheet and preserve liquidity during these uncertain times. These actions include reviewing all operating expenses, reducing capital expenditures and reducing inventory as appropriate. The Company previously announced a share repurchase program on March 13, 2020, but no repurchases have been made under such program and the Company does not intend to repurchase any shares for the time being.\n\n\n“Our first priority is the health and well-being of our employees, customers and the communities we serve. We therefore made the difficult, but necessary, decision to temporarily close our stores and distribution facilities,” said David N. Makuen, Citi Trends’ Chief Executive Officer. “We look forward to reopening our stores and distribution centers and welcoming our valued customers back into Citi Trends.”\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 ...