Not all off-price retailers are making their investors happy.

CitiTrends of Savannah, Ga., which operates 537 discount stores in 33 states, is facing an activist investor who told shareholders on Thursday that the chain is underperforming.

Macellum Capital Management has a 3.9 percent stake in the company and wants to shake up the board with four new members.

The company said in a letter that it “believes its current board is comprised of highly qualified individuals.”