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Citi Trends, Inc. Shares Statement from Former CEO Jason Mazzola

 

SAVANNAH, Ga. (April 18, 2017) — Citi Trends, Inc. (NASDAQ: CTRN) (the “Company”) today shared the following statement made by former Company Chief Executive Officer and director Jason Mazzola, who left the Company in late March to pursue another opportunity.

 

“Having been made aware of conflicting narratives and speculation regarding my departure from Citi Trends, I feel compelled to set the record straight. I have full confidence in Citi Trends’ long-term strategy to enhance stockholder value, which I helped develop with Bruce Smith, Ed Anderson and the rest of the Citi Trends board.

 

This strategy is yielding positive results, as evidenced by Citi Trends’ improving sales and gross margins. I remain a significant Citi Trends stockholder, and as such, I have a vested interest in the Company’s success. Accordingly, I plan to vote all my shares in favor of the Citi Trends board as I believe it is best suited to drive stockholder value.

 

My decision to leave Citi Trends was a difficult one, which is a testament to my terrific experience working alongside Ed, who is a mentor to me and the rest of the team. This personal choice was driven not by conflict or unhappiness, but rather by the unique opportunity in private equity to build out another successful retail platform.

 

Had I been asked about my reasons for leaving the Company, I would have gladly communicated that my departure was not acrimonious and that I unequivocally support the Citi Trends board and management team.”

 

About Citi Trends

 

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operates 538 stores located in 31 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, including statements regarding our future financial results and position, business policy and plans, objectives of management for future operations and our intentions and ability to pay dividends and complete any share repurchases, are forward-looking statements that are subject to material risks and uncertainties. The words “believe,” “may,” “could,” “plans,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions, as they relate to Citi Trends, are intended to identify forward-looking statements. 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 Citi Trends filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, uncertainties relating to economic conditions, growth risks, consumer spending patterns, competition within the industry, competition in our markets, the

 

 


 

ability to anticipate and respond to fashion trends and the outcome of our current proxy fight and any other actions of activist stockholders. Any forward-looking statements by the Company with respect to the Company’s intention to declare and pay dividends, repurchase shares pursuant to the share repurchase program, or otherwise, 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, Citi Trends 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.

 

Important Additional Information

 

Citi Trends, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from Citi Trends stockholders in connection with the matters to be considered at Citi Trends’ 2017 Annual Meeting to be held on May 24, 2017. On April 3, 2017, Citi Trends filed a definitive proxy statement (the “Proxy Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) in connection with any such solicitation of proxies from Citi Trends stockholders. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT AND ACCOMPANYING BLUE PROXY CARD WITH RESPECT TO THE 2017 ANNUAL MEETING, AND OTHER DOCUMENTS FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY AS THEY CONTAIN IMPORTANT INFORMATION. Detailed information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the Proxy Statement and other materials to be filed with the SEC in connection with Citi Trends’ 2017 Annual Meeting. Stockholders may obtain the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents filed by Citi Trends with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of our corporate website at www.cititrends.com.

 

Media Contact:

Phil Denning, ICR

646-277-1258

phil.denning@icrinc.com

 

Investor Contact:

Bruce Goldfarb, Chuck Garske and Teresa Huang

Okapi Partners

212-297-0720