1988: Jean Mantelet, aged 88, implements a succession plan for an employee buyout with help from his main banker Crédit Lyonnais. Michel Vannorenberghe, Gilbert Torelli, Roland Darneau, and Jacques Texier get 51% of voting rights with only 25,7 % the capital. The other employees get 30% ownership of Moulinex. The plan leads to an internal power struggle. Also this year, Moulinex acquires the UK based Bulpitt & Sons (Swan Brand) Ltd., a manufacturer of electrical kitchen appliances and holloware; this company was to be dissolved one year later while Moulinex was to retain the Swan brand for a while 1990: death of Jean Mantelet. 1991: acquisition of Krups at an enormous financial cost. 1994: Jules Coulon, formerly of Michelin is brought in to end the employee control and management with investment group Euris taking a 40% stake. Efforts are made to rationalise operations, including the areas of purchasing and marketing. Factories at Granville and Domfront are closed. 1995: losses top 700 million francs for the fiscal year. 1997: with a revised shareholder structure and an intensive restructuring program led by CEO Pierre Blayau, formerly of French retailing giant Pinault-Printemps-Redoute, and Moulinex announces its first net profit in five years. 2000: merger with El.Fi, the Italian company which owned the German Brandt household appliance brand. 2001: "Colossal" losses prompt a restructuring including a reduction of 4,000 staff and closure of factories in France, Brazil, and Thurles (Ireland), in an effort to return to profit. Later that year the company declares bankruptcy. Groupe SEB eventually takes over. References External link Web Site Of mulinex French brands Home appliance brands Manufacturing companies of France Manufacturing companies established in 1937 French companies established in 1937