home · filing · 0001185185-23-001206
8-K filed November 15, 2023, 6:59 PM ET
ticker EDUC
CIK 0000031667
other material
confidence high
sentiment positive
materiality 0.75
EDUC board approves listing HQ for sale (~$40.5M) to reduce debt; director resigns
EDUCATIONAL DEVELOPMENT CORP
Director John A. Clerico resigned effective Nov 10, 2023; board now has 2 independent, 2 non-independent (deficiency).
Board approved listing Hilti Complex (402,255 sq ft, appraised $40.51M) for sale; also 17 excess acres ($1.46M).
Proceeds expected to repay bank borrowings and fund operations; expects minimal debt after sale.
Company plans sale-leaseback with 7-15 year term to maximize price.
CEO states sale, combined with prior warehouse sale, will reduce interest expense and restore profitability.
Executive movements
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Effective 2023-11-10
Filed November 15, 2023, 6:59 PM ET
On November 10, 2023, Mr. John A. Clerico provided notice of his resignation from the Board of Directors effective November 10, 2023.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
John A. Clerico resigned as Director at EDUCATIONAL DEVELOPMENT CORP.
Action resigned
Role Director
Exact text from the filing
On November 10, 2023, Mr. John A. Clerico provided notice of his resignation from the Board of Directors effective November 10, 2023.
View on SEC.gov
Source: SEC EDGAR
accession 0001185185-23-001206
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