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
24
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 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search