PR Newswire
NEW YORK, May 22, 2017
NEW YORK, May 22, 2017 /PRNewswire/ -- Macellum SPV III, LP, Macellum Advisors GP, LLC, and certain of their affiliates (collectively, "Macellum"), a large stockholder of Citi Trends, Inc. (NASDAQ: CTRN) (the "Company" or "Citi Trends") that has nominated two highly qualified candidates, Jonathan Duskin and Paul Metcalf, for election at the Company's upcoming annual meeting of stockholders, reiterated the facts stockholders should consider when voting their proxies, addressed certain misperceptions dispensed by the Company regarding Macellum and its nominees and expressed its strong view that the election of both Macellum nominees on the WHITE proxy card is necessary to maximize stockholder value.
Macellum sees tremendous value in Citi Trends and believes the stock could more than double with proper oversight by truly independent and experienced directors with relevant experience and a dedication to stockholder interests. We believe this value can only be unlocked with meaningful change to the Board. We urge stockholders to vote the WHITE proxy card for both Mr. Duskin and Mr. Metcalf.
* * * * *
DO NOT BE MISLED BY THE MISREPRESENTATIONS AND DISTORTIONS OF THE TRUTH CITI TRENDS HAS MADE THROUGHOUT THIS ELECTION CONTEST
FACT: Macellum Was Never Offered a Realistic Settlement
"Board Composition. Promptly following the date of this Agreement, the Board shall in good faith consider as promptly as reasonably practicable up to two directors to be nominated by the Board for election to the Board (hereinafter, each a "New Designee" and collectively the "New Designees"). The New Designees shall be selected at the Board's sole discretion, upon the recommendation of the Company's Nominating and Corporate Governance Committee (the "NCG Committee"), from a reasonable list of individuals provided by Macellum."
FACT: The Board lacks diversity, independence and appropriate skill sets and have woefully low share ownership
FACT: The Board has failed to recruit and retain qualified senior executives and should not be entrusted to hire the next CEO
FACT: The Board has admitted its self-inflicted mistakes that caused the significant decline in results
FACT: Duskin and Metcalf are exceptionally qualified
FACT: We do not want to bring back urban brands
We believe the election of both Mr. Metcalf and Mr. Duskin and the removal of Chairman Anderson represent the best opportunity for significant value creation at the Company. Without the removal of Mr. Anderson, we are concerned that the Board will struggle to incorporate new perspectives and support views that differ from those of Mr. Anderson.
VOTE THE WHITE PROXY CARD TODAY TO ELECT BOTH OF OUR HIGHLY-QUALIFIED NOMINEES — JONATHAN DUSKIN AND PAUL METCALF — TO THE BOARD AT THE COMPANY'S UPCOMING ANNUAL MEETING
Investor Contact:
Jonathan Duskin
Macellum Capital Management, LLC
(212)-956-3008
Jduskin@macellumcap.com
John Ferguson
Saratoga Proxy Consulting LLC
(212) 257-1311 or (888) 368-0379
Info@saratogaproxy.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/macellum-sets-the-record-straight-300461253.html
SOURCE Macellum Capital Management, LLC
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