Why did Look owners seek Tapie ? (conclusion)

Someone has since told me the other side of that story, so let’s call it the insider’s version, and it makes a lot of sense. In fact, contacts between the owners of Look and the Rossignol CEO have been ongoing for a fairly long time. 

Mr. Boix-Vives came to Nevers in 1981 and put 100 million Francs ($16 million) on the table. At the time, Madame Beyl had other plans. The previous managing director, Philippe Blime, had just left and Roland Cattin, the Beyl’s son-in-law in Mrs Beyl’s view was the one that would take over, keep Look alive and, hopefully, turn things around. 

Mr Beyl reluctantly acquiesced in spite of the lifesaver sent their way by Rossignol. Then, the situation turned from bad to worst in 1982. The Beyls sensed that a storm was brewing but didn’t want to give up control. What followed was an attempt at some kind of joint venture with the owners of Nordica that led to a letter of intent in the first quarter of 1983, for them to infuse some cash into the company’s, with a July 19, 1983 deadline.

Look’s bank, BNP, was fully aware of this agreement but refused to provide the funds needed on July 10 for 4 million Francs ($650,000). Under pressure, the Beyls came up with the amount from their personal treasury, hoping Nordica would stick to its commitment. This was not meant to be as on July 19, Nordica walked from its offer. At that point the company was toast. 

Roland Cattin jumped in an airplane and went to seek a meeting with Tapie who was vacationing in Tahiti and gave him the keys to the company. On July 23, the Tapie entourage showed up in Nevers, went to the commercial court and demanded that Look be placed into receivership, which was granted even though the company was under the equivalent of Chapter 11 reorganization.