Note 3 - Business Combination - Licensee Store Acquisition

9 Months Ended

Aug. 26, 2017

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3.

Business Combination

–

Licensee Store Acquisition

During the

nine

months ended

August 26, 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

nine

months ended

August 26, 2017.