La Laguna Benetton Closes Amidst Spanish Store Closures
Benetton closed its La Laguna store on Carrera Street as part of a wider restructuring plan involving numerous store closures and layoffs in Spain due to ongoing financial losses.
La Laguna says goodbye to one of its most well-known shops on Carrera Street (Obispo Rey Redondo). Benetton is struggling financially around the world, and as a result, the franchise has shut down many of its stores in Spain, including this one in Tenerife.
The famous Italian brand Benetton is making big changes in Spain, which means closing 31 stores and letting go of around 138 employees.
This decision is part of a larger plan to close over 400 stores globally. In Spain, the stores closing are those that were already struggling, either because their leases were ending or because sales had been consistently dropping.
This crisis started because the company has been losing money for years. In 2023, they lost over 200 million euros, and even though they reduced that loss in 2024, they were still losing money overall.