You can remove (delete) an existing Favorites Category. Be aware that all files and folders that are in that Favorites Category will automatically have their favorite status removed. 
 

To remove a favorites category from within the Shortcuts panel:
 

  1   In the Shortcuts panel, click Favorites.

  2   In the options bar, click Modify > Favorites.

  3   Click the trash can icon associated with the category you want to delete.

  4   Click Close.