Favorites come and go. When a favorite folder falls out of favor, you can remove it from the Favorite Folders area of the Navigation Pane by right-clicking it and clicking Remove From Favorite Folders. Don't worry, the folder will remain in your mailbox — it just won't be displayed in the Favorite Folders area of the Navigation Pane anymore.
Caution Don't use the Delete command to remove a folder from Favorites. That will delete the folder and its contents completely.