Macy’s Sinks Most in Four Years After Ending Buyout Talks (2)

Macy’s Inc.’s shares tumbled on Monday after it said it was ending discussions with two investors to buy out the department store chain, pledging to execute a turnaround plan on its own.

Shares sunk 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 didn’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 ...