Baugur sells MK One to Hilco

MK One has been sold to Hilco

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Baugur has sold its beleaguered young fashion chain MK One to retail restructuring specialist Hilco, according to The Daily Telegraph.

The loss-making chain was put on the market last month by the Icelandic investment giant as part of a strategy to concentrate on its larger retail assets, such as House of Fraser.

Chief executive Gunnar Sigurdsson said: "MK One no longer fitted our portfolio and we are pleased to announce the sale. MK One has a strong customer base and three good brands: Mk One, Sophie and Chapter. I wish Hilco every success."

Baugur revealed it had received more than 20 expressions of interest in MK One.

Financial details of the deal were not disclosed.