CHARLOTTE — The Charlotte-based retail company, Cato Fashions, plans to close 120 stores across the country, according to The Charlotte Observer.
The brand operates over a thousand stores in 31 states. More than 80 locations are in North Carolina, and 50 are in South Carolina.
The company attributes the decision to financial difficulties in the current economic environment.
The brand’s president and CEO, John Cato, told the Observer while they are closing more stores than expected this year, they anticipate the decision will have a “positive impact” on the company’s overall operating results.
Just last year, the company closed 48 stores.