By  on August 9, 2019

Neiman Marcus Group Inc. was hit with a lawsuit in New York by UMB Bank that accused the private equity firm that controls the company of trying to elude creditors by changing the corporate structure of the retailer’s “crown jewel” asset, the online retailer MyTheresa.  

According to the suit, the trustee for certain debt Neiman’s has issued, Ares Partners moved the MyTheresa subsidiaries in 2018 to another entity, even though the online shopping retailer was essentially serving as an asset that backed the Neiman’s debts. The MyTheresa subsidiaries were valued at roughly $1 billion, according to a valuation in March by Goldman Sachs.  

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