Citi Trends Inc 10-K

ITEM 2. PROPERTIES Store Locations As of January 29, 2022, we operated 609 stores located in 33 states. Our stores average approximately 11,000 square feet of selling space and are typically located in outdoor community shopping centers that are convenient to low and moderate income customers. We have no franchising relationships, and all of the stores are company operated. All existing 609 stores, totaling 8.1 million total square feet and 6.7 million selling square feet, are leased under operating leases. The typical store lease is for five years with options to extend the lease term for three additional five-year periods. Nearly all store leases provide us the right to cancel following an initial three-year period in the event the store does not meet pre-determined sales levels. The table below sets forth the number of stores in each of the 33 states in which we operated as of January 29, 2022: ​ ​ Alabama 34 Arkansas 15 California 8 Connecticut 5 Delaware 3 Florida 55 Georgia 65 Illinois 26 Indiana 18 Iowa 2 Kansas 2 Kentucky 7 Louisiana 33 Maryland 8 Massachusetts 4 Michigan 22 Minnesota 2 Mississippi 30 Missouri 8 Nebraska 1 Nevada 3 New Jersey 2 New York 11 North Carolina 50 Ohio 30 Oklahoma 7 Pennsylvania 10 Rhode Island 2 South Carolina 43 Tennessee 18 Texas 59 Virginia 20 Wisconsin 6 22 Table of Contents ​ Corporate Offices and Distribution Center Facilities We own a facility in Savannah, Georgia totaling approximately 70,000 square feet, which serves as our headquarters and, to a lesser extent, as a storage facility. In addition, we currently lease a flexible office space in New York City. We also own a distribution center in Darlington, South Carolina totaling approximately 550,000 square feet and another distribution center in Roland, Oklahoma totaling approximately 565,000 square feet. On March 14, 2022, we entered into an agreement to consummate a sale and leaseback transaction of our distribution center in Darlington, South Carolina, and at our discretion, our distribution center in Roland, Oklahoma. The consummation of the transaction is subject to due diligence and other customary closing conditions. We believe our facilities are suitable and adequate to meet our current business and operational needs. ​ 23 Table of Contents