The story
In this context, the word “wives” means “women” and not “married women,” retaining the original sense of Old English wīf, which meant “woman” as well as “wife”. The phrase could be a reformation of Old English ealdra cwēna spell or a calque of Latin anīlis fābula, both literally “old women’s story.”
Etymology from Wiktionary, CC BY-SA 4.0.