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(Bloomberg) -- Macy’s Inc.’s shares tumbled on Monday after it ended discussions with two investors to buy out the department store chain, pledging to execute a turnaround plan on its own. Most Read from Bloomberg Shares sunk as much as 16%, their biggest decline in four years, after the company said a buyout offer from Arkhouse Management Co.

and Brigade Capital Management wasn’t an “actionable proposal” because it doesn’t have sufficient financing, the company said in a statement on Monday. Macy’s decision to officially call off talks is the latest twist in a contentious saga that began with a $5.8 billion buyout offer from the investor group in December.



Arkhouse and Brigade raised the bid to $24 in March, and again to $24.80 in June, an offer that Macy’s said wasn’t “compelling.” The financing commitment letters accompanying the revised offer were also insufficient to give the board confidence, said Macy’s, which concluded that further talks were not in its best interest.

Macy’s Chief Executive Officer Tony Spring, who took over in February, said the company will execute a turnaround plan on its own. The department-store chain faces inflation-weary consumers who are increasingly shifting their purchases online. Spring plans to shut stores that haven’t been performing well and revamp ones that have reported relatively better sales.

He will focus investment on Macy’s top 50 performing stores to offer more on-trend merchandise and improve the wa.

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