Topps Candy not on top?
Bazooka Bubble Gum, an American icon if there ever was one, is manufactured by Topps , an American candy instutution.
In the never changing and often depressing world of “the candy industry”, another major player may be in trouble…
According to New York Business, an online periodical,
TOPPS MAY SELL CANDY BUSINESS
Manhattan-based Topps Co. is considering putting its candy unit up for sale amid pressure from shareholders who are waging a proxy fight.
Topps said last week that it had hired Lehman Brothers earlier this year to evaluate strategic alternatives, including a sale of the confectionary business, which includes Bazooka bubble gum. Topps also makes collectible items such as baseball cards.
The announcement follows calls by minority shareholder Pembridge Capital Management to elect three new board members who would consider selling all or part of the company. The Manhattan-based hedge fund says the company’s operating performance and declining stock price have slid over the past five years, while executives have been paid “egregious†salaries and bonuses. ..
I guess it is a sign of the times.
First they get rid of the bubble gum sticks that came in every package of trading cards (it is said that this was done to protect the last card from being discolored) and now Topps may be getting rid of their candy division altogether.
Stay tuned…….
Tags: Topps candy, Topps Candy Company
