The sale of New Look is thought to have collapsed yesterday after bidders refused to meet a £1.8bn reserve price set by its private equity owners. The Financial Times said the two remaining bidders for New Look pulled out ahead of Tuesday's auction, leaving the retailer having to pursue a refinancing instead. Warburg Pincus, which has teamed up with TPG Capital, and BC Partners withdrew from the process on Monday night, having failed to meet Apax's and Permira's 2 bln stg valuation of the business, according to the paper.