National Education Corp.: The company said Monday...
National Education Corp.: The company said Monday it has signed a letter of intent to sell six of its 29 training centers. The company would not identify the potential buyer. An NEC spokeswoman said the sale is expected to be finished by the end of June, pending a regulatory review.
In December, talks broke down between the Irvine-based company and a buyer interested in purchasing all 29 of its schools. At that time, the company changed its strategy and decided instead to sell the training centers individually or in small blocks.
Selling its education centers, which offer career training to high school graduates, is the cornerstone of the company’s overall plan to return to profitability. For its latest fiscal year, NEC lost $9.6 million on revenue of $355.9 million.
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