secwatch.observer — SEC 8-K summary
======================================

Issuer:     Citi Trends Inc (CTRN)
CIK:        0001318484
Form:       8-K
Filed at:   2024-05-31T23:59:59+00:00
Accession:  0001104659-24-066928
Event type: leadership
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Citi Trends CEO Makuen steps down; preliminary Q1 EBITDA loss $0.8M, comps up 3.1%
--------------------------------------------------------------------------------

- David Makuen stepped down as CEO and Board member effective June 1, 2024; serves as Senior Advisor through Aug 3, 2024.
- Ken Seipel appointed Interim CEO effective June 2, 2024; base salary $725K, starting bonus $70K, $400K stock award.
- Preliminary Q1 total sales $186.3M, same-store sales +3.1%, EBITDA loss $0.8M.
- Board initiates search for permanent CEO; Seipel will be considered alongside external candidates.
- Separation agreement with Makuen provides severance per existing agreement; no disagreement cited.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1318484/000110465924066928/0001104659-24-066928-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1318484/000110465924066928/tm2415984d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-066928

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer