Cato Is the Latest Retailer to Extend Store Closures and Furlough Its Workforce

Women's fashion retailer The Cato Corporation (NYSE: CATO) is keeping all its stores closed through at least April 16 due to the COVID-19 pandemic. The company operates 1,300 stores across the U.S. that are currently closed, but it had hoped to reopen by April 1. However, as the spread of the coronavirus worsens, companies like Cato are forced to extend store closures for the time being.

As a result, much of Cato's workforce is now furloughed. This includes employees at the distribution center as well as corporate employees at the home office in Charlotte, North Carolina.

Image source: Getty Images.

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Source Fool.com