Topps announced Monday that it was ending a seven-month effort to sell its confectionary business because prospective purchasers didn't share Topps' view of its value.  Chairman Arthur Shorin also said that the company had completed a strategic review and was moving forward with the consultants' recommendations, which included keeping its entertainment and confectionary businesses as separate as possible, adding marketing and new product development staff for the purpose of stimulating growth, and wiping out some middle and upper management positions for a net savings of $2.5 million per year. 

Topps had been under fire this year for what some viewed as unsatisfactory performance, but signed a truce with one hedge fund that had been trying to elect new members to the board of directors (see 'Topps Signs Truce with Hedge Fund').    Investors didn't like the announcement; the price dropped over 8% on Monday.