Citi Trends history

1978 Savannah/Allied is sold to Michigan General Corp.

In September 1983 he acquired the Diamond Lumber chain of homebuilding supply centers, which was supposed to be a major component in his turnaround strategy for Michigan General.

The company lost $34.6 million in 1985.

Michigan General emerged from Chapter 11 in April 1988 and bond holders gained 80 percent of the common stock.

A larger store format was introduced in early 2000 that could accommodate a broader range of merchandise.

These sales increases were also helped by the introduction in fiscal 2003 of a larger store format, featuring about 10,350 square feet of selling space.

Hampshire Equity was now ready to cash in some of its investment through an initial public offering of stock in May 2005, managed by CIBC World Markets, Piper Jaffray, SG Cowen & Co., and Wachovia Securities.

In May 2006 Gregory P. Flynn, one of the firm's principals, resigned as chairman of Citi Trends.

Some analysts estimated that the chain could expand as large as 1,200 stores by 2014.

Launched in 2020, the CITIcares Council was created to oversee initiatives of change that will have a positive impact in the lives of the Company’s customers and employees in the communities the Company’s stores call home.