The company had hired Lehman Brothers in February to over see a review of the business and instigate a potential sale. However, Topps has decided that it will instead try to turn its fortunes around.
This announcement has been made due to lack of interest and the fact that the board's valuation has not been met.
This news will come as a disappointment to confectionery giants Hershey and Wrigley, which have been strongly rumoured to be interested in adding Topps' confectionery brands to their portfolios.
The reason for selling the confectionery business was to save money and cut costs. Now upper management positions will be eliminated saving an estimated $2.5 million. New marketing and product development posts will also be created.
Topps had seen strong returns on both the entertainment and confectionery sides of its business up until 2000. Since then profits have steadily declined. The confectionery business will now operate independently in the hope that new product innovation alongside existing strong brands will provide shareholders with the results they expect.
Founded in 1938 the company is probably best known for its Baseball playing cards, although Push Pop lollipops and Bazooka bubble gum have also proved to be successful confectionery brands.