CATO - Cato Provides Business Update Related To Coronavirus

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."

SOURCE The Cato Corporation