Bali Singh, the owner of MK One, has secured new financial backing for the value chain and is on the hunt for a new management team following the departure of Mark Brafman last week.
MK One, which is being rebranded to Mark One, said in a statement it was returning the chain to the "front line of the high street value fashion market" and had plans to re-engage with the cost conscious customer which it said MK One had lost following the Baugur buyout.
The statement added that the key focus of Mk One will be on "delivering customer value at key price points suitable to the current economic market conditions".
Mark One added that it is in negotiations with design organisations to support the redevelopment and deployment of the Mark One brand which is to be relaunched in 2009.
MK One also confirmed the departure of Mark Brafman, as revealed by Drapers (November 1).
MK One said in a statement: "[Bali] Singh has secured funding to ensure the long term future of the organisation, with the conditional removal of Mr Brafman from the Mark One management team. Mr Singh is currently working through the appointment of a new management board for the organisation."
MK One added that Dolly Deacock will remain with the business, heading up its buying and merchandising team. "Ms Deacock is expanding the existing buying and merchandising team with further appointments pending to fully support the aggressive growth strategy planned for Mark One."