Who owns citi trends

Citi Trends said Sachse has been appointed executive chairman, effective March 9 and will work alongside Makuen as he transitions into his new role as CEO. The executive transition follows a proxy context in which a Citi Trends shareholder attempted to gain board control of the company. Citi Trends has been working on a strategic plan that includes a number of initiatives, including the appropriate mix of apparel to non-apparel, our organizational structure and resources.

It is now planning 25 to 30 new store openings in each of the next three years combined with 50 major store remodels per year as it looks to modernize its stores. The new stores took a new name, Citi Trends Fashion For Less, and steadily the older Allied Stores were switched over to the new format. The company adopted the Citi Trends name in July , and in December of that year there was a change at the top ranks of management when R.

Edward Anderson was named chief executive officer. Anderson had been Variety Wholesalers' chief financial officer, having joined that company in as a result of the acquisition of Rose's Stores Inc. Anderson had spent 20 years with Rose's, ultimately become CEO and chairman of the board. Thus, he was a seasoned retailer. He took over a chain of stores and moved quickly to accelerate its growth. These sales increases were also helped by the introduction in fiscal of a larger store format, featuring about 10, square feet of selling space.

Moreover, the stock continued to rise in value when it began trading on the NASDAQ, gaining more than 75 percent of its initial price in three months. Hampshire Equity sold 10 percent of its stake in Citi Trends, but still retained a 55 percent controlling interest. The offering also provided Citi Trends with some working capital as it continued to expand, with plans in the works to open stores in Delaware, Kentucky, New Jersey, Pennsylvania, Indiana, Illinois, Michigan, Missouri, and Ohio.

In fiscal sales increased More importantly, the revenue increase was not just the result of new store openings: comparable store sales increased an impressive Explaining Citi Trend's success to DSN Retailing Today, Anderson said, "Our value-conscious customer has a strong appetite for current urban fashions at strong value prices. We know that counterintuitive to what a lot of people believe about urban fashions, but we really believe it's got to be the right look first and the brand second,' Anderson said.

Citi Trends appeared to be in the early stages of its growth. Some analysts estimated that the chain could expand as large as 1, stores by It was highly likely that by then Hampshire Equity would no longer hold a stake, however.

In May Gregory P. Flynn, one of the firm's principals, resigned as chairman of Citi Trends. Hampshire Equity had already further reduced its holdings through a secondary stock offering in January , and it now appeared that the firm was ready to sell the balance. Toggle navigation. User Contributions:.

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Dow Jones. Citi Trends Inc. CTRN U. Advanced Charting Compare. Open Income Statement. Balance Sheet. Cash Flow. Historical Prices. Advanced Charting. Company Info Citi Trends Inc. Employees 5, Sector Clothing Retail. Sales or Revenue Description Citi Trends Inc. Key People Citi Trends Inc. David N. Laurens M. Margaret L. All Executives Peter R.