Shares of Macy's (M) plummeted today after the retailer announced the termination of buyout discussions with Arkhouse Management and Brigade Capital Management. The decision comes after the talks failed to result in a viable proposal with guaranteed financing at a compelling value.

Macy's board unanimously decided to end the negotiations with the investor group, who had shown interest in taking the retail giant private for approximately $6.9 billion. The company stated that the proposal lacked certainty of financing, leading to a decline in the pre-market shares.

This decision from Macy's board marks the culmination of a series of discussions that began in September with a $5.8 billion offer from the investor group. The talks revolved around a potential buyout proposal, and while the revised offer at $24.80 per share was higher, it still fell short of being seen as compelling by the retailer.

The news has had an impact on the broader retail sector, with shares of other retail companies like Nordstrom and Kohl's also experiencing a decline. Investors seem to perceive uncertainty in Macy's ability to execute their own turnaround plan independently.

Furthermore, Macy's expressed concerns about the financing commitment letters accompanying the revised offer, deeming them insufficient to instill confidence in the board to move forward with the potential deal.

Macy's is now planning to embark on its own turnaround strategy, but the stock market remains skeptical of the retailer's ability to succeed alone. Wall Street questions the transformative potential of the business, whether it be through an acquisition or a partnership to implement the pilots already underway or capitalize on Blue Mercury's success in the luxury segment.

The company is not only focused on the product mix but is also experimenting with new store formats that feature reduced square footage and a curated assortment of goods. However, the market's lack of faith suggests concerns about Macy's ability to drive growth and profitability in the challenging retail landscape.

As the shares of Macy's continue to decline over the past five days, it remains to be seen how the company will navigate the evolving retail industry and regain investors' confidence.

Please note that the information provided is derived solely from the text given and does not include any additional context or external sources.