---
schema_version: "secwatch.filing_event.v1"
accession: "0001185185-23-001206"
form_type: "8-K"
ticker: "EDUC"
cik: "0000031667"
company_name: "EDUCATIONAL DEVELOPMENT CORP"
filed_at: "2023-11-15T23:59:59+00:00"
generated_at: "2026-06-08T02:51:41.492270+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# EDUC board approves listing HQ for sale (~$40.5M) to reduce debt; director resigns

## Summary
- 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.

## SEC filing metadata
- accession: 0001185185-23-001206
- form_type: 8-K
- ticker: EDUC
- cik: 0000031667
- company_name: EDUCATIONAL DEVELOPMENT CORP
- filed_at: 2023-11-15T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/31667/000118518523001206/0001185185-23-001206-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/31667/000118518523001206/edc20231115_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001185185-23-001206
- JSON: https://secwatch.observer/filing/0001185185-23-001206.json
- Plain text: https://secwatch.observer/filing/0001185185-23-001206.txt

## Key facts
- Executive change
  John A. Clerico resigned as Director at EDUCATIONAL DEVELOPMENT CORP.
  - Action: resigned
  - Role: Director
  source text: On November 10, 2023, Mr. John A. Clerico provided notice of his resignation from the Board of Directors effective November 10, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/31667/000118518523001206/0001185185-23-001206-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.