Citi Trends, Inc. Announces George Bellino to Retire in 2008
13 December 2007 - 8:19AM
PR Newswire (US)
SAVANNAH, Ga., Dec. 12 /PRNewswire-FirstCall/ -- Citi Trends, Inc.
(NASDAQ:CTRN) today announced that George A. Bellino, the Company's
President and Chief Merchandising Officer, has informed the Company
of his decision to retire in the spring/summer of 2008. The Company
will commence a search for a new Chief Merchandising Officer
immediately. Mr. Bellino will stay on with the Company in his
present roles to effect the transition. Mr. Bellino has served as
President and Chief Merchandising Officer since December 2001 and
previously as a director from April 1999 to May 2005. Mr. Bellino
was also the Company's Chief Executive Officer and President from
April 1999 to December 2001. From January 1997 to March 1999, Mr.
Bellino served as President of the Company's predecessor, Allied
Department Stores. Ed Anderson, Chairman and Chief Executive
Officer of Citi Trends, commented, "George has been an integral
part of our leadership team and a primary contributor to our
success. He will be missed as a friend and colleague when he
retires next year, but one of George's greatest accomplishments has
been his creation of an experienced merchandising team. As a
result, we have some of the most talented merchants in the
industry. During the next several months, George will continue to
work closely with this team to complete the transition." Mr.
Bellino added, "It has been my distinct pleasure to help lead Citi
Trends during a time of rapid growth and success. Our deep
merchandising team is well-positioned to continue executing our
vision and strategy for Citi Trends and offering the best selection
to our customers. While I look forward to the next chapter in my
life, I will remain fully engaged during the important holiday and
spring selling seasons to ensure the transition goes smoothly."
About Citi Trends Citi Trends, Inc. is a value-priced retailer of
urban fashion apparel and accessories for the entire family. The
Company currently operates 319 stores located in 20 states in the
Southeast, Mid-Atlantic and Midwest regions and the state of Texas.
Citi Trends' website address is http://www.cititrends.com/. CTRN-E
Forward-Looking Statements All statements other than historical
facts contained in this news release, including statements
regarding our future financial results and position, business
policy and plans and objectives of management for future
operations, are forward-looking statements that are subject to
material risks and uncertainties. The words "believe," "may,"
"could," "plans," "estimate," "continue," "anticipate," "intend,"
"expect" and similar expressions, as they relate to Citi Trends,
are intended to identify forward-looking statements. Statements
with respect to earnings guidance are forward-looking statements.
Investors are cautioned that any such forward-looking statements
are subject to the finalization of the Company's quarterly
financial and accounting procedures, are not guarantees of future
performance or results and are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.
Actual results or developments may differ materially from those
included in the forward-looking statements, as a result of various
factors which are discussed in Citi Trends, Inc. filings with the
Securities and Exchange Commission. These risks and uncertainties
include, but are not limited to, uncertainties relating to economic
conditions, growth risks, consumer spending patterns, competition
within the industry, competition in our markets and the ability to
anticipate and respond to fashion trends. Except as required by
applicable law, including the securities laws of the United States
and the rules and regulations of the Securities and Exchange
Commission, Citi Trends does not undertake to publicly update any
forward- looking statements in this news release or with respect to
matters described herein, whether as a result of any new
information, future events or otherwise. DATASOURCE: Citi Trends,
Inc. CONTACT: Bruce Smith, Chief Financial Officer,
+1-912-443-2075, or Ed Anderson, Chairman and Chief Executive
Officer, +1-912-443-3705, both of Citi Trends, Inc. Web site:
http://www.cititrends.com/
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