Scott Bauer, CEO of Prosper Trading Academy, discusses retail investors’ appetite for market upside and downside protection in ‘The Claman Countdown.’ A women’s clothing company that serves price-conscious consumers announced it will close 120 retail stores by the end of the fiscal year. Cato Corporation, parent company of Cato Fashions, operates more than 1,000 women’s clothing and accessories stores in 31 states. The planned closures represent more than 10% of its stores, Fast Company reported. Cato, founded in 1946, targets budget-conscious consumers, much like TJ Maxx or Ross Dress for Less. WALMART SAYS IT WILL USE BILLION IN FEE REFUNDS TO KEEP PRICES LOW Cato Fashions, an American retailer of women’s fashion and accessories, will close 120 locations by the end of the fiscal year, the company announced. (Getty Images/Getty Images) Cato Corporation also operates two other retailers: Versona, a luxury clothing, jewelry and accessories brand with 90 locations in the U.S., and its It’s Fashion and It’s Fashion Metro brands, which have 119 locations in the U.S. Last week, the Charlotte, North Carolina-based corporation announced it would close 120 stores, an increase from the initial 50 the company originally announced. REFUNDS? Brightly colored caps hanging on a rack. (iStock/iStock)”Annually, we review approximately one-third of our stores to exercise available lease options or negotiate an extension based on each store’s performance, including store sales trends and current and projected store profitability,” John Cato, the company’s president and CEO, said in a statement. “In light of the current economic environment, especially with the negative pressure on our customers’ discretionary income, we do not expect these marginal stores to improve appreciably,” he added. “As a result, we are closing more stores than expected this year. We believe closing these additional stores will have a positive impact on our operating results in fiscal 2027 and beyond.” Laffer Tengler Investments CEO Nancy Tengler discusses Oracle’s revenue and profits, the AI arms race and more on ‘The Claman Countdown.’ GET FOX BUSINESS ON THE GO BY CLICKING HERE In August, the company reported net income of just $1.1 million for the second quarter, down from the $6.8 million the company earned during the same period a year earlier, the news report states.
