Macy's is terminating its monthslong buyout talks with two investment firms, citing a substandard offer and the lack of certainty over financing.

In announcing the end of negotiations on Monday, Macy's alleged that Arkhouse Management and Brigade Capital Management did not meet its request for information by a June 25 deadline, including the highest purchase price they were prepared to pay and details about how the revised deal would be financed.

Instead of delivering an "actionable proposal," Macy's said Arkhouse and Brigade on June 26 — one day past the deadline — submitted what the suitors called a "check-in" letter expressing an interest in acquiring all of Macy's outstanding shares for $24.80 in cash. Macy's said that offer was within a range that its board had previously told Arkhouse and Brigade was "not compelling."

Macy's shares tumbled 12% in afternoon trading Monday to $16.80.

"Other than seeking to monetize Macy's real estate assets for short term gain, neither party brought any long-term value to the table," Neil Saunders, managing director of research firm GlobalData, said of Arkhouse and Brigade. "Indeed, many of the activist investor proposals would have significantly weakened Macy's and hampered its ability to survive as a retail operation."

In April, Macy's named two independent directors to its board who were pushed by activist investor Arkhouse, ending a proxy fight that aimed to replace most of the board and to acquire the iconic chain.

In March, Arkhouse and Brigade had raised their offer to acquire Macy's in a deal then valued at $6.6 billion, or $24 per share cash, up from a earlier offer of $21 per share.

Macy's said Monday it will focus on its own turnaround efforts. That previously unveiled plan includes closing 150 Macy's stores over the next three years and upgrading the remaining 350 stores.

The overhaul includes adding more salespeople to fitting areas and shoe departments. It's also pivoting more to luxury sales, which have held up better overall. Macy's said it will open 15 higher end Bloomingdale's stores and 30 luxury Bluemercury cosmetics locations to cater to customers seeking higher end services and goods.

The iconic New York department store chain is also accelerating the expansion of its new, small-format stores, opening 30 small-format locations through the fall of 2025. Macy's believes the smaller stores are more convenient for customers.

For its most recent quarter, Macy's in May said its turnaround efforts were beginning to yield results. The company reported sales and profits that fell, but it beat Wall Street expectations and raised its annual outlook.

Macy's reported earnings of $62 million, or 22 cents per share for the quarter ended May 4. That compares with $155 million, or 56 cents per share in the year-ago period.

Adjusted per share earnings were 27 cents, or 11 cents better than Wall Street was looking for, according to a survey by FactSet.

Revenue dipped 2.7% to $4.85 billion, but that also topped analyst projections of $4.82 billion.