Fund 1 Investments amended its agreement with Citi Trends (CTRN)

Market Cap: $272 million | Citi Trends, Inc. is a retailer of urban fashion apparel and accessories. The Company's segment is retail operations.

On September 28, 2023, Fund 1 Investments (10%) stated that it believes there are opportunities to enhance stockholder value at the company, both operationally and strategically. They may initiate discussions with the management, Board, or other stakeholders to address these matters. Source

On February 28, 2024, the company and Fund 1 Investments signed a cooperation agreement and pursuant to it, the company will appoint David Heath, Charles Liu, and Michael Kvitko as observers to its Board until the 2024 Annual Meeting. It also commits to nominating them as New Directors for election at the same meeting.

On March 25, 2025, the company and Fund 1 Investments amended their cooperation agreement, appointing Wesley Calvert and Pamela Edwards to the Board before the 2025 Annual Meeting, with support for their election alongside other 2024 designees. Source

Past

In March 2017, Macellum, holding a 3.92% stake in the company, nominated four candidates to the Board and expressed concerns about stock price, financial performance, and corporate governance. Despite efforts to reach an agreement, the Board refused to appoint new directors, leading to a contested election. Macellum launched a website and urged shareholders to vote for its nominees. In May 2017, one of Macellum's nominees was elected to the Board. In 2019, Macellum nominated four director candidates again, citing ongoing concerns with the company's performance. A settlement agreement in April 2019 led to the Board nominating one of Macellum's representatives for election at the annual meeting.