Builders were expected to make a start on the £20m development later this year but the current developers have withdrawn from the project stating financial reasons.
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Despite being put on hold Chorley Council is confident that the new development, which will create 98,000 sq ft of retail space can still go ahead.
Chief Executive Donna Hall said that work would start immediately to find a new developer that could deliver the project.
She said: "I'm still confident that we can do a deal to complete Market Walk Phase Two. More people than ever are coming into the town, more visitors are using our car parks and the town centre is thriving.
"The confidence is definitely still there and this was proven by the interest shown from Marks and Spencer in taking up one of the shop units."
(CD/JM)
