A major women’s fashion retailer is closing 120 stores this year as shoppers feel the sting of higher prices

This year has seen a number of retailers deciding to close a significant number of stores. As Fast Company reported last month, those closures have included hundreds of Eddie Bauer, Francesca’s, GameStop, and Walgreens locations. Now, another major retailer is joining that list. The Cato Corporation, parent company of Cato Fashions, which operates more than 1,000 women’s apparel and accessories stores across 31 states, has announced it will close 120 of them—more than 10%—by the end of the year. Here’s what you need to know. What is Cato? The Cato Corporation is a company that owns and operates three different retailers that focus on fashion and apparel. The company’s main brand is Cato (aka Cato Fashions), a women’s fashion retailer that operates in 30 states. Cato was founded in 1946, making the retailer 80 years old this year. As a value retailer, Cato focuses on price-conscious consumers. Its closest competitors are the likes of TJ Maxx. The Cato Corporation also operates two other retailers. Versona is a boutique, upscale apparel, jewelry, and accessories brand with 90 locations in the U.S. It’s Fashion and It’s Fashion Metro are the company’s junior retailers, with 119 locat…