Note 10 - Unconsolidated Affiliated Companies

12 Months Ended

Nov. 29, 2014

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

10. Unconsolidated Affiliated Companies

Zenith Freight Lines, LLC

We own 49% of Zenith Freight Lines, LLC, (“Zenith”) which provides domestic transportation and warehousing services primarily to furniture manufacturers and distributors and also provides home delivery services to furniture retailers. We have contracted with Zenith to provide for substantially all of our domestic freight, transportation and warehousing needs for the wholesale business. In addition, Zenith provides home delivery services for several of our Company-owned retail stores. Our investment in Zenith was $7,915 at November 29, 2014 and $7,254 at November 30, 2013 and is recorded in other long-term assets. We paid Zenith approximately $31,308, $29,313 and $25,317, for freight expense and logistical services in fiscal 2014, 2013, and 2012, respectively. At November 29, 2014 and November 30, 2013, we owed Zenith $2,628 and $2,580, respectively, for services rendered to us. We believe the transactions with Zenith are at current market rates. We recorded the following earnings (losses) in income from unconsolidated affiliated companies, net in our consolidated statements of income:

	2014		2013		2012
Earnings recognized	$	661	$	770	$	347

See Note 21 regarding the announcement of our intention to acquire the remaining 51% of Zenith in 2015.

International Home Furnishings Center

In connection with the sale of our interest in International Home Furnishings Center, Inc. (“IHFC”) on May 2, 2011, to International Market Centers, L.P. (“IMC”), $6,106 of the sales proceeds were placed in escrow at the time of the sale to cover various contingencies. At various times during fiscal 2012, 2013 and 2014, the contingencies were satisfied without loss to the Company and the funds were released to us. The amounts collected in each year were as follows:

	Total Escrow Receivable
Balance at November 26, 2011	$	6,106
Received in fiscal 2012		(1,410	)
Balance at November 24, 2012		4,696
Received in fiscal 2013		(2,348	)
Balance at November 30, 2013		2,348
Received in fiscal 2014		(2,348	)
Balance at November 29, 2014	$	-

The balance of $2,348 receivable at November 30, 2013 was included in other current assets in our consolidated balance sheet.

In addition to the proceeds described above, at the time of the sale we acquired a minority interest in IMC in exchange for $1,000. IMC is majority owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management, L.P, Our investment in IMC is included in other long-term assets in the accompanying consolidated balance sheets and is accounted for using the cost method as we do not have significant influence over IMC.