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Savannah, Ga. -- Citi Trends said Friday that it would cut jobs and open fewer stores than it planned in an effort to save money after losing $10 million in the second quarter. The company said it would open new stores only where it had already made commitments, resulting in about 55 new locations in 2011 and five in 2012.
The company also said it would cut 40 jobs at its stores, distribution centers and corporate offices in Savannah, Ga.
Citi has lost money in three of the past five quarters and been forced to slash prices to clear merchandise.