Value fashion retailer MKOne, which was bought by restructuring firm Hilco from Baugur earlier this month, has gone into administration.

As forcast by Retail Week magazine (May 16), MK One collapsed today and appointed Deloitte as administrators.

Baugur put the loss-making chain on the market last month as part of its strategy to focus on larger retail assets, such as Iceland, Hamleys and House of Fraser.

Baugur chief executive Gunnar Sigurdsson said at the time of the sale to Hilco: “MK One no longer fitted our portfolio and we are pleased to announce the sale.”