Note 3 - Business Combination - Licensee Store Acquisition

3 Months Ended

Feb. 25, 2017

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3.

Business Combination –

Licensee Store Acquisition

During the quarter ended

February

25,

2017,

we acquired the operations of the Bassett Home Furnishings (“BHF”) store located in Columbus, Ohio for a purchase price of

$655.

The store had been owned and operated by a licensee that had determined that continued ownership of a BHF store was no longer consistent with its future business objectives. We believe that Columbus, Ohio represents a viable market for a BHF store.

The purchase price was allocated as follows:

Inventory	$	343
Goodwill		312
Purchase price	$	655

The inputs into our valuation of the acquired assets reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level

3

inputs as specified in the fair value hierarchy in ASC

820,

Fair Value Measurements and Disclosures

. See Note

4.

The pro forma impact of the acquisition and the results of operations for the Columbus store since acquisition are not material to our consolidated results of operations for the quarter ended

February

25,

2017.