Boussac group

"In his letter to Fabius, Bernard Arnault commits to respecting the plan he presented to the government, which promises in particular the "perpetuity" of the Boussac group and makes firm commitments on employment. In return, he presents the bill to the State: 940 million, partly (380 million) in the form of debt write-offs, the rest (560 million) in the form of new aid6. The money will be paid, but the promises will not be kept: Bernard Arnault can congratulate himself on returning to France six months earlier. The socialists, those scarecrows, have just given him the best Christmas of his life."

"In the 1950s, the Boussac group is at its peak, generating 750 million francs in revenue and employing more than 25,000 people in 65 factories."

"At the same time as taking over and integrating the Boussac group, the Willot brothers tackle other, equally complex projects: successfully restructuring the Galeries Anspach and Korvettes and splitting the distribution activities from the industrial ones, in order to prepare a hosting structure that will accommodate all industrial activities."

"The Boussac group declines very rapidly. Marcel Boussac covers the month-end expenses from his personal funds. Bank loans are renewed thanks to the guarantees he provides on his exceptional properties."

"It is in the garment activity that the slope is the hardest to climb. Interviewed by Le Point (issue of January 26, 1981), Jean-Pierre and Antoine Willot explain: "The Blainville factory (Blizzand raincoats and sportswear), a former flagship of the Boussac group, is the very example of the laxity that has settled in: instead of manufacturing products based on market trends... it served as an outlet for upstream manufactured products. This single factory accounted for a third of the group’s garment activity losses."

"It is estimated that the conditions of the acquisition of the Boussac group allowed to generate cash and capital gains amounting to 800 million francs, but with a heap of losses to absorb."