Macy’s management ended talks with private investors attempting to take over the company and will pursue its own turnaround strategy to remake the chain.

Macy’s board of directors voted unanimously to end discussions with Arkhouse Management and Brigade Capital Management over the investors’ offers to acquire the chain. Macy’s said Monday it was unclear that the investors could finance a deal and it was not in shareholders’ best interest.

The investors planned to take Macy’s private and consider spinning off its real estate assets or separating its online operations from brick-and-mortar stores.

The investors have been trying to buy Macy’s since December. But Macy’s rejected a previous offer to buy the company at $21 a share in January. In March, the investors upped its offer to $24 a share, and Macy’s agreed to enter into talks about the bid. Now, it’s calling off talks.

Macy’s will instead stick with its own strategy, led by new CEO Tony Spring, which includes closing underperforming Macy’s stores and investing in its luxury Bloomingdale’s and Bluemercury chains.

Investor groups such as private equity funds and hedge funds have been active in recent decades in buying struggling or under-performing retailers, with the stated goal of taking them private, improving their operations and selling them for a profit. But the results have often led to closures, not salvation, for companies such as Sears and Toys “R” Us.

Macy’s decision to end talks with the investors will benefit the chain, said retail analyst Neil Saunders in a note to clients Monday.

“Other than seeking to monetize Macy’s real estate assets for short term gain, neither party brought any long-term value to the table,” he said. “Many of the activist investor proposals would have significantly weakened Macy’s and hampered its ability to survive as a retail operation.”

Macy’s stock tumbled around 13% during morning trading Wednesday to $16 a share.

Macy’s and other traditional department stores have struggled, as competition both from online retailers like Amazon and big box retailers, such as Walmart and Target – which offer shoppers the chance to buy groceries as well as clothes and other household goods – has left Macy’s with a smaller slice of the retail pie.

Analysts also say Macy’s has underinvested, and cost-cutting measures have hurt customer service in stores.

CNN’s Chris Isidore contributed to this article.