Galeries Anspach

"In 1977, the opportunity arises to acquire Galeries Anspach, a poorly controlled chain of stores whose activity is chronically unprofitable. Between 1971 and 1976, the world's leading distributor, the American group Sears Roebuck of Chicago, failed to improve its profitability."

"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."

"Apart from the petty political considerations mentioned above, two main reasons can explain the brothers' descent into hell. The decision to acquire Galeries Anspach and especially Korvettes was a huge strategic error."

"understand that they can get a better deal from the liberal tide. ". Indeed, time works for them. The trials they have initiated against the lease management contract and its implementing acts delay all proposals for solutions in their case. The liabilities of companies under judicial settlement are frozen. The resolution of bad businesses, Korvettes and Galeries Anspach, is now behind them. Additionally, the solvent subsidiaries: Confo-rama, Au Bon Marché, la Belle Jardinière and especially Christian Dior significantly improve their performance and increase their value accordingly."

"It took three years of investigation, 3,000 pages of expert reports, 10,000 pages of files, and 60 hours of hearings to examine the facts charged against the Willot brothers. The mountain gave birth to a mouse... One expected the discovery of dubious practices such as: fund transfers and opening of personal accounts abroad, excessive representation expenses, unjustified cash withdrawals, etc. From an international letter of request launched by the investigating authorities, the court hoped to extract some exotic charge, like tax haven, in vain. From an account opened by Galeries Anspach at Kayser Ullmann bank, three bank domiciliations were allegedly created in Panama. They apparently have nothing to do with the ongoing case. None of that, therefore. But to be thorough and to sow doubt, during the pleadings, the prosecution submitted new documents concerning these accounts and requested that they be examined during a final hearing scheduled for April 15... to find that these documents cannot in any case be retained in the procedure. The brothers do not display any ostentatious lifestyle."