Scholastic has agreed to sell its NYC headquarters and its primary warehouse in Jefferson City, MO, transactions which are estimated to net the company $401 million. The company will lease back the spaces from the owners and continue operating there, “while substantially reducing its footprint” in the New York building. The deals are expected to close before the end of the year, and Scholastic plans to use the funds for stock buybacks and to pay down debt. As of the most recently reported quarter, Scholastic carried $331 million in long-term debt and lines of credit. “Today’s announcement reflects meaningful momentum […]
