Neiman’s Bankruptcy and the Mytheresa Transfer
As the Neiman Marcus bankruptcy proceedings get under way, some creditors have pushed the question of how the retailer handled the transfer of Mytheresa, the German luxury web site it acquired in 2014.
The conflict, which has been the subject of litigation including a suit in Texas state court that was dismissed, as well as a still pending suit in New York state court, has repercussions for unsecured creditors, a couple of vocal contenders who had brought those suits told the court at the retailer’s first day bankruptcy court hearing on Friday.
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“I think the creditor groups were putting everyone on notice that while all this is going on, they view Mytheresa as a crown jewel with a lot of value that was moved to another corporate structure,” said Joel Shapiro, partner at Blank Rome LLP. Shapiro is not involved in the Neiman’s bankruptcy or the dispute over Mytheresa, and spoke generally.
“That will be the subject of extensive and intensive negotiations to see if they can reach an agreement on what value, if any, can come back, or, if they cannot agree, that’s what the courts are for,” he said.
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“Neiman’s Bankruptcy and the Mytheresa Transfer,” by Sindhu Sundar was published in Women's Wear Daily (WWD) on May 11, 2020.