Honda and Nissan announced Thursday they were terminating negotiations for a mega-merger that would have created the world's third-largest car company.

With the Nissan-Honda merger officially dead, Nissan is now moving forward with its own restructuring plan.That means deep job cuts, plant closures, and a more aggressive approach to development cycles as the company attempts to regain stability.

Nissan's future reportedly became the sticking point in negotiations, with Honda pushing to make its smaller competitor a direct subsidiary.