Macy's stock plummeted 15% on the 15th after terminating takeover talks with Arkhouse Management and Brigade Capital due to a lack of compelling financing.

The stock reached a seven-month low, amid ongoing restructuring efforts and store closures.

The two firms have been seeking to acquire Macy’s since last December and had twice sweetened the offer to a most recent bid of $24.80 a share, or $6.9 billion.

In April, Macy’s ended a proxy fight with Arkhouse with an agreement to place two of its nominees to the board as independent directors.

“The board intends for the management team to return its full focus to enhancing shareholder value through the execution of the company’s “A Bold New Chapter” strategy,” Macy’s said in a statement on Monday.

The stock dropped 12.2% toward a seven-month low in premarket trading.