The Sunday Telegraph said that MK One suppliers had sent the Baugur-owned value fashion chain "seven-day notices", demanding they pay outstanding invoices after their cheques were cancelled. The newspaper said that suppliers to MK One were owed millions of pounds between them, and quoted Venus Technology as being owed £300,000 by the company. Baugur put MK One up for sale a fortnight ago.
The Sunday Express reported that Baugur was looking for a "quick sale" of its MK One chain because some of its suppliers were refusing to deal with it. The newspaper said that suppliers had run into difficulty getting insurance on orders to MK One and said there were fears about its "imminent financial health". Deloitte, which is selling the business on behalf of Baugur, has had more than 10 expressions of interest which are thought to include the former MK One chief executive Elaine McPherson and restructuring firms Hilco and Agilo.
The Mail on Sunday said that New Look plans to open up to 100 stores in Russia. The newspaper said that New Look had agreed a deal in principle with Siberia-based Delta which would open and run the shops.
The Financial Times said that Marks & Spencer was facing a fresh clash with investors after it refused to put its directors up for re-election until July 2009. The Association of British Insurers had requested that the retailer put all board members up for re-election annually to smooth over a row with shareholders which followed Sir Stuart Rose's promotion from chief executive to chairman of M&S earlier this year.