I have since found a solution:
We run a program called Caseware that has an Excel plugin called Connector. When we upgraded, a new Connector file was added as a add-in however, even though we did a removal of the old connector from add or remove programs, the old one remained so there were 2 add-ins. The old one is invalid at this point and was the source of additional problems (slow performance, multiple files names in the title bar, inability to edit embedded tables, etc.) Once the add-in was disabled (it was a .xll Excel add-in), all these issues were resolved.
@mizty - if you are expriencing the same problem, check your add-ins. Disable them all. If this fixes the problem, reintroduce each one until the problem resurfaces. Then you will not your culprit.
@JOrzech - Thanks for your attempt at helping me.