Agache-Willot

"The third mistake is the most incredible: even as Dreyfus was humiliating them before the National Assembly, no one stripped the Willot brothers of their property titles. For a stunning reason: no one in the public sphere dared to buy out their share, for fear of being pointed out as the one who gave money to the Willot brothers. In 1982, they were ready to sell their shares to IDI for 64 million francs. A bargain. But it was refused. Politics came first: there could be no question of making a pact with the devil. To get around this obstacle, an implausible scheme was invented, known only to the Énarques. The state would put the company on life support, without taking legal control. At this point, the Boussac Saint-Frères Company (CBSF) was created, a private entity, to lease the industrial assets of Agache-Willot."

"The first mistake: like a sausage, Agache-Willot is cut into slices. Through the IDI, the State takes over the textile activities, while Dior, Le Bon Marché, and Conforama remain under the authority of the Willots. In other words, this division socializes losses and privatizes profits, a common practice of the right, strongly denounced by François Mitterrand when he was in opposition. Morally questionable, this division is also technically inept since it prevents the textile recovery from being supported by the profits of luxury and distribution."

"On December 22, 1981, he received a mission letter containing these directives and orientations:. "Following the study conducted by SADEF, the government is committed to finding a swift solution for the Agache-Willot group that preserves the main activities and the maximum number of jobs. Consequently, I ask you to lead and conduct, in conjunction with financial partners, the operations that will lead to the takeover of the assets necessary for the rebuilding of the group while replenishing the equity, so that, in a second phase, a solution can be provided to the creditors' issue in connection with the judicial administrators. Simultaneously with the takeover, I wish that you establish a new executive management that will have the necessary means for reconstruction, particularly based on the results of the current discussions with the employees. On the industrial front, you will strive to strengthen the core textile and clothing sector and to develop those peripheral activities, particularly commercial ones, that complement this main activity. Industrialists will be involved, according to modalities you will propose, in the recovery and redeployment of activities depending on the quality of their contribution from an industrial, commercial, financial, and social perspective. Finally, you will establish structures suitable for quickly ensuring the necessary diversifications, where new activities need to be created to maintain employment"..."