Savannah, Georgia based Citi Trends Inc announced that Gregory P. Flynn notified the Board of Directors of Citi Trends Inc, a Delaware corporation, that he was resigning from his position as a Director and Chairman of the Board of Directors of the Company, effective immediately.
In connection with his resignation, Flynn, a principal of Hampshire Equity Partners, a private equity partnership based in New York, which purchased a controlling stake in the Company in 1999, stated: We have had a strong seven- year relationship with the Company and have obviously been very satisfied with the Company's success to date.
Nevertheless, in keeping with Hampshire's business model, we are turning our attention towards other investments.
Sold a portion of our investment in the Company through the Company's initial public offering of shares of its common stock in May 2005 and secondary offering of shares of its common stock in January 2006 and are considering potential liquidity options with respect to some or all of our remaining investment.
On May 1, 2006, the Board of Directors appointed R. Edward Anderson to the position of Chairman of the Board of Directors, effective immediately.
Anderson joined the Company in 2001 as Chief Executive Officer and is credited with growing the Company from 123 stores in 2001 to its current store base of 250 stores.
According to Flynn Citi Trends has been and will continue to be in very good handswith Ed Anderson at the helm. Ed, with 30 years experience in the retail industry, has done an exceptional job of guiding this company strategically and operationally for the past 5 years.
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