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Topps Ends Possible Sale Process and Completes Strategic Review

The Topps Company, Inc. (TOPP) announced today that the previously disclosed process to evaluate a possible sale of its confectionery business has been terminated. The process, conducted with the assistance of outside advisors, took nearly seven months to conclude. Levels of interest by prospective purchasers during that time were not commensurate with the Board's valuation of the asset.

Arthur T. Shorin, Chairman and CEO commented, "Our Board remains committed to maximizing shareholder value. As such, simultaneous with exploring a possible transaction, management completed its work with outside consultants on a comprehensive strategic review aimed at improving top and bottom line performance of the domestic confectionery and entertainment businesses.

"Actions to implement results are well underway. Among them, the confectionery and entertainment organizations will operate independently to the extent practical. We are also streamlining reporting relationships and eliminating certain upper and middle management positions. After accounting for nearly $900,000 of headcount additions for marketing and new product development, principally directed at top line growth, we expect the net personnel related cost savings to be approximately $2.5 million annually. Work is also in progress to reduce non-personnel related costs."

Mr. Shorin concluded, "We are optimistic about the future. We view these and other changes as important steps in an ongoing process of improvement, and look forward to communicating further on our second quarter investor conference call scheduled for September 28."

Founded in 1938, Topps is a leading creator and marketer of distinctive confectionery and entertainment products. The Company's confectionery brands include "Ring Pop," "Push Pop," "Baby Bottle Pop" and "Juicy Drop Pop" lollipops as well as "Bazooka" bubble gum. Topps entertainment products include trading cards, sticker album collections, and collectible games. For additional information, visit www.topps.com.

Source: The Topps Company, Inc.
Date: September 12, 2005

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