Richard Lapthorne, chairman of value fashion retailer New Look, has stepped down from the board and retired from his position.

Lapthorne has been in his role for three years and has overseen the growth of the business in the UK and overseas.

He holds several other non-executive positions and remains chairman of communications group Cable & Wireless.

The£1.8 billion sale of New Look collapsed earlier this year in the face of the global debt market. Private equity houses remain interested, but options could include acquiring a stake in the business rather than buying it outright.

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