Macy’s has announced that, following over seven months of engagement with Arkhouse and Brigade Capital, its board has decided to terminate discussions that failed to lead to an actionable proposal with certainty of financing at a compelling value.

The company’s management team will return its full focus on enhancing shareholder value through the execution of “A Bold New Chapter” strategy.

Arkhouse and Brigade had increased their proposal to 24 dollars per share from the initial 21 dollars proposal and indicated a willingness to increase this price further upon access to customary diligence.

However, on June 26, the investor group, rather than delivering a definitive, fully financed and actionable proposal, the investor group submitted a letter expressing an interest in acquiring all of the outstanding shares of Macy’s for 24.80 dollars per share in cash.

“At this time, after careful review, we have concluded that Arkhouse and Brigade’s proposal lacks certainty of financing and does not deliver compelling value, notwithstanding the significant time, resources, and information shared during this process. The board fully supports “A Bold New Chapter” strategy, and we believe it provides the best opportunity for value creation,” said Paul Varga, lead independent director of Macy’s, Inc. in a statement.

Macy’s added that the company has seen early signs of wins, supported by a steady pace of omnichannel initiatives being developed and capital-light investments focused on better serving customers. The company has also seen progress within its First 50 Macy’s nameplate stores.

“While it remains early days, we are pleased that our initiatives have gained traction, reinforcing our belief that the company can return to sustainable, profitable growth, accelerate free cash flow generation and unlock shareholder value,” added Tony Spring, chairman and chief executive officer of Macy’s.