Citi Trends Provides Update on COVID-19 Response
March 20 2020 - 9:00AM
Business Wire
Citi 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).
Citi 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.
In 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.
“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.”
About Citi Trends
Citi 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
Forward-Looking
Statements
All 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 the Securities and Exchange
Commission, including those set forth under the heading “Item 1A.
Risk Factors” in the Company’s Form 10-K for the fiscal year ended
February 2, 2019. These risks and uncertainties include, but are
not limited to, potential risks and uncertainties relating to the
ultimate geographic spread of the coronavirus (COVID-19), the
severity of the disease, the duration of the COVID-19 outbreak,
actions that may be taken by governmental authorities to contain
the COVID-19 outbreak or to treat its impact, the potential
negative impacts of COVID-19 on the global economy and foreign
sourcing and the impacts of COVID-19 on the Company's financial
condition and business operation. Any forward-looking statements by
the Company are intended to speak only as of the date such
statements are made. Except as required by applicable law,
including the securities laws of the United States and the rules
and regulations of the Securities and Exchange Commission, the
Company does not undertake to publicly update any forward-looking
statements in this news release or with respect to matters
described herein, whether as a result of any new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200320005238/en/
Investor Relations: Tom Filandro ICR, Inc. (646)
277-1235
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