Abstract
Five generations of conservative top-down management and a dubious cross-border acquisition have driven a 'pearl' of French traditional silk manufacturers to dire straits, crowned with a general massive lay-off and closing of its factories and offices. At the end of the story, what really happened here? This case aims at highlighting the importance of unrevealed intents and cultural factors in the framework of strategic mergers and acquisitions. It also sheds a light on the dangers of unprepared successions for family business companies, damages of inadequate leadership, misuse of organizational culture, and dangers of company 'inertia' and resistance to innovation and miscalculated strategic decisions.