The company United Colors of Benetton plans to close stores not only in Madrid but also in other autonomous communities in Spain, according to 'Fashion United'. It is estimated that a total of 31 locations will be closed across the country, resulting in the dismissal of 24% of its workforce through an ERE (Employment Regulation File).
In the Community of Madrid, three Benetton stores are closing their doors: one was located in the Plaza Río 2 shopping center, while the stores in the Tres Aguas shopping center and Rivas Futura in Rivas-Vaciamadrid are also expected to close.
It has recently been revealed that the Benetton Group, owner of the Benetton brand, has appointed a new CEO with the challenge of reducing significant losses within a year. According to reports from Italian media, the brand will close around 500 stores worldwide to address its debts.
This closure of Benetton stores in Spain is part of a restructuring plan that is in the works, although the company has not yet made an official statement regarding this. In the Spanish market, there are several fashion brands where clothing and accessories can be purchased, with Zara, from the Inditex group, being one of the most well-known alongside brands like Stradivarius, Pull & Bear, Bershka, and Lefties.
