CHARLOTTE, N.C., March 30, 2020 /PRNewswire/ -- The Cato
Corporation (NYSE: CATO) today announced it will extend its
temporary store closure two weeks, through April 16. Given the
uncertainty of COVID-19 and subsequent government actions, the
Company will continue to assess the situation market by market and
will provide additional updates as appropriate.
"The health and safety of our customers and associates remains
our top concern," said John Cato,
Chairman, President and Chief Executive Officer. "We continue to
assess the information available and take action with the focus on
protecting our customers, associates and communities we serve."
As a result of the prolonged store closure, coupled with the
state's "Stay-at-Home" Executive Order impacting the Home Office, a
smaller workforce is required to execute essential activities of
the business during this time. Cato has temporarily furloughed
the majority of its distribution center associates, as well a
portion of its corporate associates. Those impacted will
continue to receive enrolled benefits.
"To enable the Company to meet the challenges of these
unprecedented times, we had to make some very difficult decisions,"
said Cato. "We recognize the weight of the responsibilities we
have to our associates, customers and stakeholders. We have
taken these difficult steps in an effort to safeguard the health of
our company as events continue to unfold."
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SOURCE The Cato Corporation