08:55 AM EDT, 07/15/2024 (MT Newswires) -- Macy's (M) said Monday it has ended talks with Arkhouse Management and Brigade Capital Management, citing the lack of an "actionable proposal" with secure financing.

The company's board will resume focus on enhancing shareholder value through the company's "A Bold New Chapter" strategy, Macy's said.

Talks with Arkhouse and Brigade Capital were held for more than seven months, but the latest proposal "remains non-actionable and fails to provide compelling value" to Macy's, the company said.

Macy's shares fell more than 11% in Monday's premarket activity.

Price: 16.90, Change: -2.19, Percent Change: -11.47