Home / Knowledge / News / Apparel/Garments / Citi Trends to cut jobs; slows new store opening plans
Citi Trends to cut jobs; slows new store opening plans
Sep '11
Citi Trends Inc. announced the elimination of 40 positions in its corporate offices, distribution centers and store organization. The Company also announced that it would pull back on its new store opening plans, only opening stores for which it has already made commitments. This will result in approximately 55 new store additions for 2011 and approximately five for 2012.

David Alexander, President and Chief Executive Officer of Citi Trends, stated, “The decision to downsize was a very difficult one. The individuals who are being affected have made valuable contributions to our company and they will be missed. We appreciate what each one of them has done for Citi Trends and wish them the very best in the future.

Over the past few months we have undertaken many important initiatives to turn around our business. We believe the two steps taken today help ensure our success through a very challenging economy. Despite the difficult environment in which we are currently operating, we continue to be very optimistic about the Company's future. We have a great niche, a great customer relationship and a very strong balance sheet with approximately $70 million of cash and investments and no debt.”

The Company expects the staff reductions to result in approximately $3.5 million in annualized savings, while incurring an approximate $800,000 severance charge in the third quarter of fiscal 2011.

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family.

Citi Trends Inc

Must ReadView All

Textiles | On 24th Oct 2016

Baba Ramdev’s Patanjali to enter textile manufacturing

Patanjali Ayurved, an enterprise initiated by yoga guru Baba Ramdev,...

Textiles | On 24th Oct 2016

German technology to help in energy saving in textiles

German technology can play a major role making the environment...

Courtesy: Trupik

Apparel/Garments | On 24th Oct 2016

Virtual 3D fitting rooms revolutionising online shopping

Virtual fitting rooms meant to bridge the gap between e-commerce...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search