Note 1 - Description of Business

12 Months Ended

Nov. 26, 2016

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1. Description of Business

Bassett Furniture Industries, Incorporated (together with its consolidated subsidiaries, “Bassett”, “we”, “our”, the “Company”) based in Bassett, Virginia, is a leading manufacturer, marketer and retailer of branded home furnishings. Bassett’s full range of furniture products and accessories, designed to provide quality, style and value, are sold through an exclusive nation - wide network of

90

retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the

90

stores, the Company owns and operates

59

stores (“Company - owned retail stores”) with the other

31

being independently owned (“licensee operated”). We also distribute our products through other multi - line furniture stores, many of which feature Bassett galleries or design centers, specialty stores and mass merchants.

We sourced approximately

31%

of our wholesale products from various countries, with the remaining volume produced at our

four

domestic manufacturing facilities.

Zenith Acquisition

Prior to

February

2,

2015

we held a

49%

interest in Zenith Freight Lines, LLC (“Zenith”) for which we used the equity method of accounting. On

February

2,

2015

we acquired the remaining

51%

ownership interest (see Note

3,

Business Combinations). Zenith provides over - the - road transportation of furniture, operates regional freight terminals, warehouse and distribution facilities in

twelve

states, and manages various home delivery facilities that service BHF stores and other clients in local markets around the United States. With the acquisition of Zenith, we established our logistical services operating segment.