80-year-old discount fashion chain closing 120 stores

The Cato Corporation announced plans to close approximately 120 stores, representing roughly 15% of its retail footprint. The closures come as the company faces intensifying competition in the off-price fashion retail segment and declining financial performance. The company reported net income of $1.1 million in the second quarter of 2026, compared to $6.8 million in the prior-year period. Second quarter sales totaled $163.9 million, a 6% decline from $174.7 million in the same quarter ended Au