The founders and co-chairmen of natural cosmetics chain Body Shop stepped down Tuesday, after efforts to find a buyer for the company failed.

Anita Roddrick and her husband Gordon have handed the reins to the heads of their North American unit, Andrian Bellamy and Peter Saunders, after failing to get the price they wanted from potential buyers of Body Shop. Earlier analysts had estimated it was unlikely Body Shop would receive an offer of more than half its market value.

Body Shop shares have lost almost a third of their value in recent months, as the company has seen stagnant sales and sliding profits amid higher competition from rivals such as Boots. The only area of growth has been Body Shop's North American business.

Mr Bellamy - the new executive chairman - said Body Shop would now focus on new products rather than finding a new buyer.

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