bset20171125

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

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

stores, the Company owns and operates

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

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.

sourced approximately

27%

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

Business Combinations).

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

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.

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Note 2 - Significant Accounting Policies

12 Months Ended

Nov. 25, 2017

Significant Accounting Policies [Text Block]

Significant Accounting Policies

Basis of Presentation and

Principles of Consolidation

Our

fiscal year ends on the last Saturday in

November,

which periodically results in a

-week year. Fiscal

2017,

2016

and

2015

each contained

weeks. The Consolidated Financial Statements include the accounts of Bassett Furniture Industries, Incorporated and our majority-owned subsidiaries in which we have a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. Accordingly, the results of Zenith have been consolidated with our results since the date of the acquisition. Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated, and Zenith’s operating costs and expenses since the date of acquisition are included in selling, general and administrative expenses in our condensed consolidated statements of net income. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Unless otherwise indicated, references in the Consolidated Financial Statements to fiscal

2017,

2016

and

2015

are to Bassett's fiscal year ended

November 25, 2017,

November 26, 2016

and

November 28, 2015,

respectively. References to the “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP.

The equity method of accounting

was used for our investment in Zenith prior to the date of acquisition because we exercised significant influence but did

not

maintain a controlling interest. Consolidated net income includes our proportionate share of the net income or net loss of Zenith prior to the date of the acquisition.

We analyzed our licensees under the requirements

for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note

for disclosure of leases and lease guarantees. Based on financial projections and best available information, all licensees have sufficient equity to carry out their principal operating activities without subordinated financial support. Furthermore, we believe that the power to direct the activities that most significantly impact the licensees’ operating performance continues to lie with the ownership of the licensee dealers. Our rights to assume control over or otherwise influence the licensees’ significant activities only exist pursuant to our license and security agreements and are in the nature of protective rights as contemplated under ASC Topic

810.

We completed our assessment for other potential VIEs, and concluded that there were

none.

We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the

United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, valuation of income tax reserves, lease guarantees, insurance reserves and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates.

Revenue Recognition

days for wholesale customers.

For retail sales, we typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled.

Estimates for returns and allowances have been recorded as a reduction to revenue. The contracts with our licensee store owners do

not

provide for any royalty or license fee to be paid to us. Revenue is reported net of any taxes collected. For our logistical services segment, line-haul freight revenue and home delivery revenue are recognized upon the completion of delivery to the destination. Warehousing services revenue is based upon warehouse space occupied by a customer’s goods and inventory movements in and out of a warehouse and is recognized as such services are provided.

Staff Accounting Bulletin

No.

104,

Revenue Recognition

(“SAB

104”

) outlines the

four

basic criteria for recognizing revenue as follows: (

) persuasive evidence of an arrangement exists, (

) delivery has occurred or services have been rendered, (

) the seller’s price to the buyer is fixed or determinable, and (

) collectability is reasonably assured. SAB

104

further asserts that if collectability of all or a portion of the revenue is

not

reasonably assured, revenue recognition should be deferred until payment is received. During fiscal

2017,

2016

and

2015,

there were

sales for which these criteria were

not

met.

Cash Equivalents

and Short-Term Investments

The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of

three

months or less to be cash and cash equivalents.

Our short-term investments consist of certificates of deposit that have original maturities of

twelve

months or less but greater than

three

months.

Accounts Receivable

Substantially all of our trade accounts receivable

is due from customers located within the United States. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectibility of accounts receivable based on historical experience and current economic trends. Actual losses could differ from those estimates.

Concentrations of Credit Risk and Major Customers

and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At

November 25, 2017

and

November 26, 2016,

our aggregate exposure from receivables and guarantees related to customers consisted of the following:

	2017		2016
Accounts receivable, net of allowances (Note 5)	$	19,640	$	18,358
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)		2,717		1,865
Total credit risk exposure related to customers	$	22,357	$	20,223

November 25, 2017,

approximately

29%

of the aggregate risk exposure, net of reserves, shown above was attributable to

five

customers. At

November 26, 2015,

approximately

30%

of the aggregate risk exposure, net of reserves, shown above was attributable to

four

customers. In fiscal

2017,

2016

and

2015,

customer accounted for more than

10%

of total consolidated net sales. However,

one

customer accounted for approximately

33%,

36%

and

26%

of our consolidated revenue from logistical services during

2017,

2016

and

2015,

respectively.

We have

foreign manufacturing or retail operations. We define export sales as sales to any country or territory other than the

United States or its territories or possessions. Our export sales were approximately

$2,288,

$3,607,

and

$4,516

in fiscal

2017,

2016,

and

2015,

respectively. All of our export sales are invoiced and settled in U.S. dollars.

Inventories

first

-out (“LIFO”) method

because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories is determined on a

first

-in,

first

-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented

54%

and

53%

of total inventory before reserves at

November 25, 2017

and

November 26, 2016,

respectively. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs

may

be required.

Property and Equipment

, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of

years. Machinery and equipment are generally depreciated over a period of

years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter.

Retail Real Estate

Retail real estate is comprised of owned and leased properties

which have in the past been utilized by licensee operated BHF stores and are now leased or subleased to non-licensee tenants. The net book value of our retail real estate at

November 25, 2017

and

November 26, 2016

was

$1,758

and

$2,969,

respectively, and is included in other long-term assets in our consolidated balance sheets. This real estate is stated at cost less accumulated depreciation and is depreciated over the useful lives of the respective assets utilizing the straight line method. Buildings and improvements are generally depreciated over a period of

years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. Depreciation expense was

$127,

$152,

and

$184

in fiscal

2017,

2016,

and

2015,

respectively, and is included in other loss, net, in our consolidated statements of income.

The net book value of our retail real estate at

November 25, 2017

consisted of

one

property located near Charleston, South Carolina which is fully occupied by a tenant under a long term lease. We also own

a building in Chesterfield County, Virginia that was formerly leased to a licensee for the operation of a BHF store. The building is subject to a ground lease that expires in

2020,

but which has additional renewal options. Since

2012,

we have leased the building to another party who is, as of recently, paying less than the full amount of the lease obligation, resulting in rental income insufficient to cover our ground lease obligation. Efforts to sell our interest in the building have been unsuccessful so far. We have also concluded that absent a significant cash investment in the building the likelihood of locating another tenant for the building at a rent that would provide positive cash flow in excess of the ground lease expense is remote. In addition, we obtained an appraisal during the

second

quarter of fiscal

2017

which indicated that the value of the building had significantly decreased and was now minimal. Given these circumstances, we concluded in the

second

quarter that we are unlikely to renew the ground lease in

2020

and would therefore likely vacate the property at that time. Consequently, we recorded a non-cash impairment charge of

$1,084

during fiscal

2017

to write off the value of the building.

During

the year ended

November 28, 2015

we closed on the sale of our retail real estate investment property located in Sugarland, Texas and received cash in the amount of

$2,835.

During fiscal

2015

we recognized a non-cash charge of

$182

to write down the carrying value of the Sugarland real estate to the selling price.

The fiscal

2015

sales proceeds described above are included in

proceeds from sales of property and equipment in the accompanying consolidated statements of cash flows. The fiscal

2017

and

2015

impairment charges described above are included in other loss, net, in our consolidated statements of income.

Goodwill

oodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Logistical Services. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired.

In accordance with

ASC Topic

350,

Intangibles – Goodwill & Other

the goodwill impairment test consists of a

two

-step process, if necessary. However, we

first

assess qualitative factors to determine whether it is more likely than

not

that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the

two

-step goodwill impairment test described in ASC Topic

350.

The more likely than

not

threshold is defined as having a likelihood of more than

percent. If, after assessing the totality of events or circumstances, we determine that it is

not

more likely than

not

that the fair value of a reporting unit is less than its carrying amount, then performing the

two

-step impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than

not

that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the

two

-step process.

Based on our qualitative assessment as described above, we have concluded that our goodwill is

not

impaired as of

November 25, 2017.

The

first

step compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, the

second

step is performed whereby we must calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. This

second

step represents a hypothetical

application of the acquisition method of accounting as if we had acquired the reporting unit on that date. Our impairment methodology uses a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding future profitability of the reporting unit and industry economic factors. While we believe such assumptions and estimates are reasonable, the actual results

may

differ materially from the projected amounts.

Other

Intangible Assets

ntangible assets acquired in a business combination and determined to have an indefinite useful life are

not

amortized but are tested for impairment annually or between annual tests when an impairment indicator exists. The recoverability of indefinite-lived intangible assets is assessed by comparison of the carrying value of the asset to its estimated fair value. If we determine that the carrying value of the asset exceeds its estimated fair value, an impairment loss equal to the excess would be recorded.

efinite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts

may

not

be recoverable. We estimate the useful lives of our intangible assets and ratably amortize the value over the estimated useful lives of those assets. If the estimates of the useful lives should change, we will amortize the remaining book value over the remaining useful lives or, if an asset is deemed to be impaired, a write-down of the value of the asset

may

be required at such time.

Impairment of Long Lived Assets

We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets

may

not

be recoverable or that the remaining useful life

may

warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use

and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future.

When analyzing our

real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store.

Income Taxes

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note

22.

We recognize the tax benefit from an uncertain tax position only if it is more likely than

not

that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.

Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We

may

adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified.

e evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than

not”

standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note

14.

New Store Pre-Opening Costs

Income

from operations for fiscal

2017,

2016

and

2015

includes new store pre-opening costs of

$2,413,

$1,148

and

$623,

respectively. Such costs consist of expenses incurred at the new store location during the period prior to its opening and include, among other things, facility occupancy costs such as rent and utilities and local store personnel costs related to pre-opening activities including training. New store pre-opening costs do

not

include costs which are capitalized in accordance with our property and equipment capitalization policies, such as leasehold improvements and store fixtures and equipment. Such capitalized costs associated with new stores are depreciated commencing with the opening of the store. There are

pre-opening costs associated with stores acquired from licensees, as such locations were already in operation at the time of their acquisition.

Shipping and Handling Costs

Costs incurred to deliver wholesale merchandise to customers are recorded in

selling, general and administrative expense and totaled

$18,514,

$18,451,

and

$18,624

for fiscal

2017,

2016

and

2015,

respectively. Costs incurred to deliver retail merchandise to customers are also recorded in selling, general and administrative expense and totaled

$17,451,

$15,946,

and

$15,383

for fiscal

2017,

2016

and

2015,

respectively.

Advertising

Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs

totaled

$18,834,

$16,688,

and

$16,228

in fiscal

2017,

2016,

and

2015,

respectively.

nsurance Reserves

We have self-funded insurance programs in place to cover

workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which

may

not

be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns.

Supplemental Cash Flow Information

In connection with our acquisition of Zenith, non-cash financing activities

during fiscal

2015

included the issuance of

89,485

shares of our common stock valued at

$1,675,

and the issuance of a note payable with a discounted fair value of

$8,436.

See Note

for additional information regarding the fair value of the consideration given for the acquisition of Zenith. There were

material non-cash investing or financing activities during fiscal

2017

2016.

Recent Accounting Pronouncements

Recently Adopted Pronouncements

March 2017,

the FASB issued Accounting Standards Update

No.

2017

(ASU

2017

Compensation – Retirement Benefits (Topic

715

): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

. Under existing GAAP, an entity is required to present all components of net periodic pension cost and net periodic postretirement benefit cost aggregated as a net amount in the income statement, and this net amount

may

be capitalized as part of an asset where appropriate. The amendments in ASU

2017

require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, and requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if

one

is presented. Additionally, only the service cost component is eligible for capitalization, when applicable. The amendments in ASU

2017

shall be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. Early adoption is permitted, and we have elected to adopt the amendments in ASU

2017

effective as of the beginning of our

2017

fiscal year. The adoption of this guidance did

not

have a material impact upon our financial condition or results of operations.

Recent Pronouncements

Not

Yet Adopted

May 2014,

the FASB issued Accounting Standards Update

No.

2014

(ASU

2014

), which creates ASC Topic

606,

Revenue from Contracts with Customers

, and supersedes the revenue recognition requirements in Topic

605,

Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU

2014

supersedes the cost guidance in Subtopic

605

35,

Revenue Recognition—Construction-Type and Production-Type Contracts, and creates new Subtopic

340

40,

Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic

606

is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between

two

transition methods: (

) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (

) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. In addition, during

2016

the FASB has issued ASU

2016

08,

ASU

2016

and ASU

2016

12,

all of which clarify certain implementation guidance within ASU

2014

09,

and ASU

2016

11,

which rescinds certain SEC guidance within the ASC effective upon an entity’s adoption of ASU

2014

09.

The amendments in ASU

2014

are effective for annual reporting periods beginning after

December 15, 2017,

including interim periods within that reporting period, and early application is

not

permitted. Therefore the amendments in ASU

2014

will become effective for us as of the beginning of our

2019

fiscal year. In order to evaluate the impact that the adoption of ASU

2014

will have on our consolidated financial statements, we have initiated a comprehensive review of the significant revenue streams across our wholesale, retail and logistical services reportable segments. The focus of this review includes, among other things, the identification of the significant contracts and other arrangements we have with our customers to identify significant performance obligations, factors affecting the determination of transaction price, such as variable consideration, and factors affecting the classification of receipts as revenue, such as principal versus agent considerations. We are also reviewing our current accounting policies, procedures and controls with respect to these contracts and arrangements to determine what changes, if any,

may

be required by the adoption of ASU

2014

09.

We have

not

yet made a determination as to the impact that adoption will have on our consolidated financial statements, nor have we made any decision on the method of adoption.

July 2015,

the FASB issued Accounting Standards Update

No.

2015

11,

Inventory (Topic

330

Simplifying the Measurement of Inventory

. ASU

2015

requires that inventory within the scope of this Update be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in this Update do

not

apply to inventory that is measured using last-in,

first

-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using

first

-in,

first

-out (FIFO) or average cost. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after

December 15, 2016.

Early adoption is permitted. Therefore the amendments in ASU

2015

will become effective for us as of the beginning of our

2018

fiscal year. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

January 2016,

the FASB issued Accounting Standards Update

No.

2016

01,

Financial Instruments - Overall (Subtopic

825

): Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

requires that equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. However, an entity

may

choose to measure equity investments that do

not

have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Furthermore, equity investments without readily determinable fair values are to be assessed for impairment using a quantitative approach. The amendments in ASU

2016

should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with other amendments related specifically to equity securities without readily determinable fair values applied prospectively. The amendments in ASU

2016

will become effective for us as of the beginning of our

2019

fiscal year. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

February 2016,

the FASB issued Accounting Standards Update

No.

2016

02,

Leases (Topic

842

)

. The guidance in ASU

2016

requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of

months or less, a lessee is permitted to make an accounting policy election by class of underlying asset

not

to recognize lease assets and lease liabilities. As with previous guidance, there continues to be a differentiation between finance leases and operating leases, however this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. Lease assets and liabilities arising from both finance and operating leases will be recognized in the statement of financial position. ASU

2016

leaves the accounting for leases by lessors largely unchanged from previous GAAP. The transitional guidance for adopting the requirements of ASU

2016

calls for a modified retrospective approach that includes a number of optional practical expedients that entities

may

elect to apply. The guidance in ASU

2016

will become effective for us as of the beginning of our

2020

fiscal year. We are currently evaluating the impact that the adoption of ASU

2016

will have on our consolidated financial statements, which we expect will have a material effect on our statement of financial position, and have

not

made any decision on the method of adoption with respect to the optional practical expedients.

August 2016,

the FASB issued Accounting Standards Update

No.

2016

15,

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments

. ASU

2016

addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. Among the types of cash flows addressed are payments for costs related to debt prepayments or extinguishments, payments representing accreted interest on discounted debt, payments of contingent consideration after a business combination, proceeds from insurance claims and company-owned life insurance, and distributions from equity method investees, among others. The amendments in ASU

2016

are to be adopted retrospectively and will become effective for as at the beginning of our

2019

fiscal year. Early adoption, including adoption in an interim period, is permitted. The adoption of this guidance is

not

expected to have a material impact upon our presentation of cash flows.

January 2017,

the FASB issued Accounting Standards Update

No.

2017

01,

Business Combinations (Topic

805

): Clarifying the Definition of a Business

. ASU

2017

provides a screen to determine when an integrated set of assets and activities (collectively referred to as a “set”) does

not

constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is

not

a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is

not

met, the amendments in ASU

2017

(

) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (

) remove the evaluation of whether a market participant could replace missing elements. The amendments in ASU

2017

shall apply prospectively and will become effective for as at the beginning of our

2019

fiscal year. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

January 2017,

the FASB issued Accounting Standards Update

No.

2017

04,

Intangibles – Goodwill and Other (Topic

350

): Simplifying the Test for Goodwill Impairment

. ASU

2017

eliminates Step

from the goodwill impairment test. Under Step

an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in ASU

2017

04,

an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should

not

exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in ASU

2017

will become effective for us as of the beginning of our

2021

fiscal year. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after

January 1, 2017.

The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

May 2017,

the FASB issued Accounting Standards Update

No.

2017

09,

Compensation – Stock Compensation (Topic

718

): Scope of Modification Accounting

. ASU

2017

was issued to provide clarity and reduce both (

) diversity in practice and (

) cost and complexity when applying the guidance in Topic

718,

Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic

718.

Essentially, an entity will

not

have to account for the effects of a modification if: (

) The fair value of the modified award is the same immediately before and after the modification; (

) the vesting conditions of the modified award are the same immediately before and after the modification; and (

) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. The amendments in ASU

2017

will become effective for us as of the beginning of our

2019

fiscal year. Early adoption is permitted, including adoption in any interim period. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

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Note 3 - Business Combinations

12 Months Ended

Nov. 25, 2017

Business Combination Disclosure [Text Block]

3.	Business Combination s

Licens

ee Store Acquisition

During the

first

quarter of fiscal

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

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

inputs as specified in the fair value hierarchy in ASC

820,

Fair Value Measurements and Disclosures. See Note

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

year ended

November 25, 2017.

Acquisition of Zenith

Prior to

February 2, 2015

we held a

49%

interest in Zenith for which we used the equity method of accounting.

Zenith provides domestic transportation and warehousing services primarily to furniture manufacturers and distributors and also provides home delivery services to furniture retailers. We historically have contracted with Zenith to provide substantially all of our domestic freight, transportation and warehousing needs for the wholesale business. In addition, Zenith provides home delivery services for many of our Company-owned retail stores. On

February 2, 2015,

we acquired the remaining

51%

of Zenith in exchange for cash, Bassett common stock and a note payable with a total fair value of

$19,111.

The value of the Bassett common stock was based on the closing market price of our shares on the acquisition date, discounted for lack of marketability due to restrictions on the seller’s ability to transfer the shares. The restrictions on

one

half of the shares expired on the

first

anniversary of the acquisition, with the remainder expiring on the

second

anniversary. The note is payable in

three

annual installments of

$3,000

each which began

February 2, 2016,

and has been discounted to its fair value as of the date of the acquisition based on our estimated borrowing rate.

The carrying value of our

49%

interest in Zenith prior to the acquisition was

$9,480

(see Note

Unconsolidated Affiliated Company). In connection with the acquisition, this investment was remeasured to a fair value of

$16,692

resulting in the recognition of a gain of

$7,212

during

the year ended

November 28, 2015.

The impact of this gain upon our basic and diluted earnings per share for the year ended

November 28, 2015

is approximately

$0.41

net of the related tax expense. The remeasured fair value of our prior interest in Zenith was estimated based on the fair value of the consideration transferred to acquire the remaining

51%

of Zenith less an estimated control premium.

Under the acquisition method of accounting, the fair value of the consideration transferred along with the fair value of our previous

49%

interest in Zenith was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill.

The total fair value of the acquired business was determined as follows:

Fair value of consideration transferred in exchange for 51% of Zenith:
Cash	$	9,000
Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share		1,675
Note payable		8,436
Total fair value of consideration transferred to seller		19,111
Less effective settlement of previous amounts payable to Zenith at acquisition		(3,622	)
Total fair value of consideration net of effective settlement		15,489
Fair value of Bassett's previous 49% interest in Zenith		16,692

Total fair value of acquired business	$	32,181

The allocation of the fair value of

the acquired business is as follows:

Identifiable assets acquired:
Acquired cash and cash equivalents	$	1,677
Accounts receivable, net		3,399
Prepaid expenses and other current assets		496
Property and equipment		18,110
Other long-term assets		646
Intangible assets		6,362
Total identifiable assets acquired		30,690
Liabilities assumed:
Accounts payable and accrued liabilities		(4,038	)
Notes payable		(4,329	)
Total liabilities assumed		(8,367	)
Net identifiable assets acquired		22,323
Goodwill		9,858
Total net assets acquired	$	32,181

Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to tangible and intangible assets and liabilities

. Approximately

$6,982

of the acquired goodwill is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill were Zenith’s reputation for best-in-class, fully integrated logistical services which are uniquely tailored to the needs of the furniture industry, as well as their ability to provide expedited delivery service which is increasingly in demand in the furniture industry.

A portion of the fair value of consideration transferred has

been assigned to identifiable intangible assets as follows:

	Useful Life
Description:	In Years		Fair Value

Customer relationships		15	$	3,038
Trade names		Indefinite		2,490
Technology - customized applications		7		834

Total acquired intangible assets			$	6,362

The finite-lived intangible assets are being amortized on a straight-line basis over their useful lives. The indefinite-lived intangible asset and goodwill are

not

amortized but will be tested for impairment annually or between annual tests if an indicator of impairment exists.

The fair values of consideration transferred and net assets acquired were determined using a combination of Level

and Level

inputs as specified in the fair value hierarchy in ASC

820,

Fair Value Measurements and Disclosures

. See Note

Acquisition costs related to the Zenith acquisition totaled $

209

during the year ended

November 28, 2015

and are included in selling, general and administrative expenses in the consolidated statements of income. The acquisition costs are primarily related to legal, accounting and valuation services.

The revenue and pre-tax profit of Zenith that is included in our consolidated statements of income for the years ended

November 25, 2017,

November 26, 2016

and

November 28, 2015

is as follows:

	2017		2016		2015 (1)

Zenith revenue (2)	$	54,406	$	54,842	$	43,522
Zenith pre-tax income	$	2,972	$	3,313	$	3,379

(

) From date of acquisition,

February 2, 2015.

(

) Net of eliminated inter-company transactions, See Note

20.

The pro forma results of operations for the acquisition of Zenith have

not

been presented because they are

not

material to our consolidated results of operations.

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Note 4 - Financial Instruments, Investments and Fair Value Measurements

12 Months Ended

Nov. 25, 2017

Fair Value Disclosures [Text Block]

4.	Financial Instruments, Investments and Fair Value Measurements

Financial Instruments

not

practical to determine fair values.

Investments

Our short-term investments

$23,125

at both

November 25, 2017

and

November 26, 2016

consisted of certificates of deposit (CDs) with original terms of

six

twelve

months, bearing interest at rates ranging from

0.10%

1.50%.

November 25, 2017,

the weighted average remaining time to maturity of the CDs was approximately

five

months and the weighted average yield of the CDs was approximately

1.18%.

Each CD is placed with a federally insured financial institution and all deposits are within Federal deposit insurance limits. As the CDs mature, we expect to reinvest them in CDs of similar maturities of up to

one

year. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at

November 25, 2017

and

November 26, 2016

approximates their fair value.

Fair Value Measurement

The Company accounts for items measured at fair value in accordance with

ASC Topic

820,

Fair Value Measurements and Disclosures

. ASC

820’s

valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC

820

classifies these inputs into the following hierarchy:

Level

Inputs

– Quoted prices for identical instruments in active markets.

Level

Inputs

– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are

not

active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level

Inputs

– Instruments with primarily unobservable value drivers.

We believe that the carrying amounts of our current assets and current liabilities approximate fair value due to the short-term nature of these items. The recurring estimate of the fair value of our

notes payable for disclosure purposes (see Note

) involves Level

inputs. Our primary non-recurring fair value estimates typically involve business acquisitions (Note

) which involve a combination of Level

and Level

inputs, and asset impairments (Note

) which utilize Level

inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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Note 5 - Accounts Receivable

12 Months Ended

Nov. 25, 2017

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Accounts Receivable

Accounts receivable

consists of the following:

	November 25, 2017			November 26, 2016
Gross accounts receivable	$	20,257		$	19,157
Allowance for doubtful accounts		(617	)		(799	)
Net accounts receivable	$	19,640		$	18,358

Activity in the allowance for doubtful accounts was as follows

	2017			2016

Balance, beginning of the year	$	799		$	1,175
Reductions to allowance, net		(182	)		(376	)
Balance, end of the year	$	617		$	799

We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are

not

observable. Consequently, the inputs are considered to be Level

as specified in the fair value hierarchy in ASC Topic

820,

Fair Value Measurements and Disclosures

. See Note

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

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Note 6 - Inventories

12 Months Ended

Nov. 25, 2017

Inventory Disclosure [Text Block]

Inventories

Inventories consist of the following:

	November 25, 2017			November 26, 2016
Wholesale finished goods	$	26,145		$	24,392
Work in process		388			369
Raw materials and supplies		11,808			11,343
Retail merchandise		26,173			26,265
Total inventories on first-in, first-out method		64,514			62,369
LIFO adjustment		(8,143	)		(7,804	)
Reserve for excess and obsolete inventory		(1,895	)		(1,350	)
	$	54,476		$	53,215

We source a significant amount of our wholesale product from other countries.

During

2017,

2016

and

2015,

purchases from our

two

largest vendors located in Vietnam and China were

$21,977,

$19,128

and

$25,190

respectively.

may

be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and style obsolescence. Typically, product is

not

shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do

not

typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is

not

associated with a specific customer order in our retail warehouses.

Activity in the reserves for excess quantities and obsolete inventory by segment are as follows:

	Wholesale Segment			Retail Segment			Total
Balance at November 28, 2015	$	1,087		$	310		$	1,397
Additions charged to expense		1,994			475			2,469
Write-offs		(2,020	)		(496	)		(2,516	)
Balance at November 26, 2016		1,061			289			1,350
Additions charged to expense		1,757			475			2,232
Write-offs		(1,200	)		(487	)		(1,687	)
Balance at November 25, 2017	$	1,618		$	277		$	1,895

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Note 7 - Property and Equipment

12 Months Ended

Nov. 25, 2017

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment

Propert

y and equipment consist of the following:

	November 25, 2017			November 26, 2016
Land	$	10,908		$	12,311
Buildings and leasehold improvements		117,185			109,728
Machinery and equipment		102,619			99,067
Property and equipment at cost		230,712			221,106
Less accumulated depreciation		(127,468	)		(116,451	)
Property and equipment, net	$	103,244		$	104,655

The net book value of our property and equipment by reportable segment is a follows:

	November 25, 2017		November 26, 2016
Wholesale	$	25,277	$	22,984
Retail - Company-owned stores		57,539		59,347
Logistical Services		20,428		22,324
Total property and equipment, net	$	103,244	$	104,655

Depreciation expense

associated with the property and equipment shown above was included in income from operations in our consolidated statements of income as follows:

	2017		2016		2015

Cost of goods sold (wholesale segment)	$	989	$	748	$	599
Selling, general and adminstrative expenses:
Wholesale segment		1,531		1,154		1,291
Retail segment		6,736		6,612		5,970
Logistical services segment		4,331		3,882		2,366
Total included in selling, general and adminstrative expenses		12,598		11,648		9,627
Total depreciation expense included in income from operations	$	13,587	$	12,396	$	10,226

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Note 8 - Goodwill and Other Intangible Assets

12 Months Ended

Nov. 25, 2017

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Other Intangible Assets

oodwill and other intangible assets consisted of the following:

	November 25, 2017
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,038	$	(574	)	$	2,464
Technology - customized applications		834		(337	)		497

Total intangible assets subject to amortization		3,872		(911	)		2,961

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,900		-			11,900

Total goodwill and other intangible assets	$	18,262	$	(911	)	$	17,351

	November 26, 2016
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,038	$	(371	)	$	2,667
Technology - customized applications		834		(219	)		615

Total intangible assets subject to amortization		3,872		(590	)		3,282

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,588		-			11,588

Total goodwill and other intangible assets	$	17,950	$	(590	)	$	17,360

Changes in the carrying amounts of goodwill by reportable segment were as follows:

	Wholesale		Retail		Logistics		Total

Balance as of November 28, 2015	$	4,839	$	1,820	$	4,929	$	11,588
Changes during fiscal 2016 (none)		-		-		-		-

Balance as of November 26, 2016		4,839		1,820		4,929		11,588
Goodwill arising from store acquisition (Note 3)		206		106		-		312

Balance as of November 25, 2017	$	5,045	$	1,926	$	4,929	$	11,900

There were

accumulated impairment losses on goodwill as of

November 25, 2017,

November 26, 2016

November 28, 2015.

Amortization expense associated with intangible assets during

fiscal

2017,

2016

and

2015

was

$322,

$322

and

$268,

respectively and is included in selling, general and administrative expense in our consolidated statement of income. All expense arising from the amortization of intangible assets is associated with our logistical services segment. Estimated future amortization expense for intangible assets that exist at

November 25, 2017

is as follows:

Fiscal 2018	$	322
Fiscal 2019		322
Fiscal 2020		322
Fiscal 2021		322
Fiscal 2022		223
Thereafter		1,450

Total	$	2,961

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

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Note 9 - Unconsolidated Affiliated Companies	12 Months Ended
Note 9 - Unconsolidated Affiliated Companies	Nov. 25, 2017
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	9 . Unconsolidated Affiliated Compan ies Zenith Freight Lines, LLC Prior to February 2, 2015 w e owned 49% of Zenith and accounted for our investment under the equity method. The balance of our investment in Zenith was $9,480 on the date of acquisition. See Note 3 regarding the remeasurement of this carrying value to fair value in connection with the acquisition and the resulting gain. During fiscal 2015 we recorded income representing our equity in the earnings of Zenith prior to acquisition in the amount of $220. Prior to the acquisition, we paid Zenith approximately $6,863 for freight expense and logistical services in fiscal 2015. International Market Centers, L.P. In connection with the sale of our interest in International Home Furnishings Center, Inc. on May 2, 2011 , we acquired a minority interest in International Market Centers, L.P. (“IMC”) in exchange for $1,000. Our investment in IMC was included in other long-term assets in our consolidated balance sheet as of November 26, 2016 and was accounted for using the cost method as we did not have significant influence over IMC. During fiscal 2017 IMC was sold resulting in the redemption of our entire interest for total proceeds of $1,954 resulting in a gain of $954 which is included in gain on sale of investments in our consolidated statement of income. Other In 1985, we acquired a minority interest in a privately-held, start-up provider of property and casualty insurance for $325. We have accounted for this investment on the cost method and it was included in other long-term assets in our consolidated balance sheet as of November 26, 2016. During fiscal 2017 we sold our entire interest for $3,592 in cash, resulting in a gain of $3,267 which is included in gain on sale of investments in our consolidated statement of income.

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Note 10 - Notes Payable and Bank Credit Facility

12 Months Ended

Nov. 25, 2017

Debt Disclosure [Text Block]

Notes Payable and Bank Credit Facility

Our notes payable consist of the following:

	November 25, 2017
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	3,000		$	(13	)	$	2,987
Real estate notes payable		747			-			747

Total debt		3,747			(13	)		3,734
Less current portion		(3,418	)		13			(3,405	)

Total long-term debt	$	329		$	-		$	329

	November 26, 2016
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	6,000		$	(108	)	$	5,892
Real estate notes payable		1,219			-			1,219

Total debt		7,219			(108	)		7,111
Less current portion		(3,385	)		95			(3,290	)

Total long-term debt	$	3,834		$	(13	)	$	3,821

The future maturities of our notes payable are as follows:

Fiscal 2018	$	3,418
Fiscal 2019		329
	$	3,747

Zenith Acquisition Note Payable

As part of the consideration given for our acquisition of Zenith on

February 2, 2015,

we issued a

n unsecured note payable to the former owner in the amount of

$9,000,

payable in

three

annual installments of

$3,000

due on each anniversary of the note, the

first

installment having been paid on

February 2, 2016.

Interest is payable annually at the

one

year LIBOR rate. The note was recorded at its fair value in connection with the acquisition resulting in a debt discount that is amortized to the principal amount through the recognition of non-cash interest expense over the term of the note. Interest expense resulting from the amortization of the discount was

$95,

$204

and

$252

for fiscal

2017,

2016

and

2015,

respectively. The current portion of the note due within

one

year, including unamortized discount, was

$2,987

and

$2,904

November 25, 2017

and

November 26, 2016,

respectively.

Real Estate Notes Payable

Two of our retail real estate properties have been financed through commercial mortgages with interest rates of

6.73%.

These mortgages are collateralized by the respective properties with net book values totaling approximately $

5,727

and

$5,858

November 25, 2017

and

November 26, 2016,

respectively. The total balance outstanding under these mortgages was

$747

and

$1,219

November 25, 2017

and

November 26, 2016,

respectively. The current portion of these mortgages due within

one

year was

$418

and

$385

as of

November 25, 2017

and

November 26, 2016,

respectively.

Fair Value

We believe that the carrying amount of our notes payable approximates fair value at both

November 25, 2017

and

November 26, 2016.

In estimating the fair value, we utilize current market interest rates for similar instruments. The inputs into these fair value calculations reflect our market assumptions and are

not

observable. Consequently, the inputs are considered to be Level

as specified in the fair value hierarchy in ASC Topic

820,

Fair Value Measurements and Disclosures

. See Note

Bank Credit Facility

Effective

December 5, 2015,

we entered into a new credit facility with

our bank which provides for a line of credit of up to

$15,000.

This credit facility, which matures in

December

2018,

is unsecured and contains covenants requiring us to maintain certain key financial ratios. We are in compliance with all covenants under the facility and expect to remain in compliance for the foreseeable future.

We have $

2,249

outstanding under standby letters of credit against our line, leaving availability under our credit line of

$12,751.

In addition, we have outstanding standby letters of credit with another bank totaling

$511.

Total interest paid during fiscal

201

2016

and

2015

was

$139,

$353

and

$277,

respectively.

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Note 11 - Post-employment Benefit Obligations

12 Months Ended

Nov. 25, 2017

Postemployment Benefits Disclosure [Text Block]

Post-Employment Benefit Obligations

Management Savings Plan

May 1, 2017,

our Board of Directors, upon the recommendation of the Organization, Compensation and Nominating Committee (the “Committee”), adopted the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Plan”).The Plan is an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees.

The Plan is an account-based plan under which (i) participants

may

defer voluntarily the payment of current compensation to future years (“participant deferrals”) and (ii) the Company

may

make annual awards to participants payable in future years (“Company contributions”). The Plan permits each participant to defer up to

75%

of base salary and up to

100%

of any incentive compensation or other bonus, which amounts would be credited to a deferral account established for the participant. Such deferrals will be fully vested at the time of the deferral. Participant deferrals will be indexed to

one

or more deemed investment alternatives chosen by the participant from a range of alternatives made available under the Plan. Each participant

’s account will be adjusted to reflect gains and losses based on the performance of the selected investment alternatives. A participant

may

receive distributions from the Plan: (

) upon separation from service, in either a lump sum or annual installment payments over up to a

year period, as elected by the participant, (

) upon death or disability, in a lump sum, or (

) on a date or dates specified by the participant (“scheduled distributions”) with such scheduled payments made in either a lump sum or substantially equal annual installments over a period of up to

five

years, as elected by the participant. Participant contributions commenced during the

third

quarter of fiscal

2017.

Company contributions will vest in full (

) on the

third

anniversary of the date such amounts are credited to the participant’s account, (

) the date that the participant reaches age

or (

) upon death or disability. Company contributions are subject to the same rules described above regarding the crediting of gains or losses from deemed investments and the timing of distributions. The Company plans to make a contribution to the Plan effective

February 1, 2018.

Expense associated with the planned Company contribution was

$55

for the year ended

November 25, 2017.

May 2, 2017,

we made Long Term Cash Awards (“LTC Awards”) totaling

$2,000

under the Plan to certain management employees in the amount of

$400

each. The LTC Awards vest in full on the

first

anniversary of the date of the award if the participant has reached age

by that time, or, if later, on the date the participant reaches age

63,

provided in either instance that the participant is still employed by the Company at that time. If

not

previously vested, the awards will also vest immediately upon the death or disability of the participant prior to the participant

’s separation from service. The awards will be payable in

equal annual installments following the participant’s death, disability or separation from service. We are accounting for the LTC Awards as a defined benefit pension plan.

During fiscal

2017,

we invested $

431

in life insurance policies covering all participants in the Plan. At

November 25, 2017,

these policies have a net death benefit of

$14,998

for which the Company is the sole beneficiary. These policies are intended to provide a source of funds to meet the obligations arising from the deferred compensation and LTC Awards under the Plan, and serve as an economic hedge of the financial impact of changes in the liabilities. They are held in an irrevocable trust but are subject to claims of creditors in the event of the Company’s insolvency.

Supplemental Retirement Income Plan

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers

one

current and certain former executives. Upon retirement, the Supplemental Plan provides for lifetime monthly payments in an amount equal to

65%

of the participant

’s final average compensation as defined in the Supplemental Plan, which is reduced by certain social security benefits to be received and other benefits provided by us. The Supplemental Plan also provides a death benefit that is calculated as (a) prior to retirement death, which pays the beneficiary

50%

of final average annual compensation for a period of

120

months, or (b) post-retirement death, which pays the beneficiary

200%

of final average compensation in a single payment. We own life insurance policies on these executives with a current net death benefit of

$2,829

November 25, 2017

and we expect to substantially fund this death benefit through the proceeds received upon the death of the executive. Funding for the remaining cash flows is expected to be provided through operations. There are

benefits payable as a result of a termination of employment for any reason other than death or retirement, other than a change of control provision which provides for the immediate vesting and payment of the retirement benefit under the Supplemental Plan in the event of an employment termination resulting from a change of control.

Aggregated s

ummarized information for the Supplemental Plan and the LTC Awards, measured as of the end of each year presented, is as follows:

	2017			2016
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	11,863		$	11,678
Service cost		1,117			146
Interest cost		449			423
Actuarial (gains) losses		(447	)		165
Benefits paid		(660	)		(549	)
Projected benefit obligation at end of year	$	12,322		$	11,863

Accumulated Benefit Obligation	$	11,531		$	11,138

Discount rate used to value the ending benefit obligations:		3.50	%		3.75	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	778		$	776
Noncurrent liabilities		11,544			11,087
Total amounts recognized	$	12,322		$	11,863
Amounts recognized in accumulated other comprehensive income:
Transition obligation	$	42		$	85
Prior service cost		858			-
Actuarial loss		3,286			4,065
Net amount recognized	$	4,186		$	4,150

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	1,119		$	734

	2017			2016			2015

Components of Net Periodic Pension Cost:
Service cost	$	186		$	146		$	105
Interest cost		449			423			374
Amortization of transition obligation		42			42			42
Amortization of prior service cost		73			-			-
Amortization of other loss		332			323			195

Net periodic pension cost	$	1,082		$	934		$	716


Assumptions used to determine net periodic pension cost:
Discount rate		3.75	%		3.75	%		3.75	%
Increase in future compensation levels		3.00	%		3.00	%		3.00	%

Estimated Future Benefit Payments (with mortality):
Fiscal 2018							778
Fiscal 2019							735
Fiscal 2020							691
Fiscal 2021							649
Fiscal 2022							999
Fiscal 2023 through 2027							4,248

Of the $

4,186

recognized in accumulated other comprehensive income at

November 25, 2017,

amounts expected to be recognized as components of net periodic pension cost during fiscal

2018

are as follows:

Transition obligation	$	42
Prior service cost		126
Other loss		261

Total expected to be amortized to net periodic pension cost in 2018	$	429

The components of net periodic pension cost other than the service cost component are included in other loss, net in our consolidated statements of income.

Deferred Compensation Plan

We have an unfunded Deferred Compensation Plan that covers

one

current and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with

additional participants or benefits permitted. We recognized expense of $

216,

$228,

and

$248

in fiscal

2017,

2016,

and

2015,

respectively, associated with the plan. Our liability under this plan was

$1,916

and

$1,969

as of

November 25, 2017

and

November 26, 2016,

respectively. The non-current portion of this obligation is included in post-employment benefit obligations in our consolidated balance sheets, with the current portion included in accrued compensation and benefits.

Defined Contribution Plan

We have a qualified defined contribution plan (Employee Savings/Retirement Plan) that covers substantially all employees

who elect to participate and have fulfilled the necessary service requirements. Employee contributions to the Plan are matched at the rate of

25%

of up to

of gross pay, regardless of years of service. Expense for employer matching contributions was

$1,068,

$865

and

$662

during fiscal

2017,

2016

and

2015,

respectively. The increase in contribution expense for fiscal

2017

over fiscal

2016

was largely due to a larger contribution base due to increased incentive compensation. The increase in contribution expense for fiscal

2016

over fiscal

2015

was largely due to an increase in the matching rate from

20%

2015

25%

2016.

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Note 12 - Accumulated Other Comprehensive Loss

12 Months Ended

Nov. 25, 2017

Comprehensive Income (Loss) Note [Text Block]

Accumulated Other Comprehensive Loss

The activity in a

ccumulated other comprehensive loss for the fiscal years ended

November 26, 2017

and

November 26, 2016,

which is comprised solely of post-retirement benefit costs related to our SERP and LTC Awards, is as follows:

Balance at November 28, 2015	$	(2,678	)
Actuarial losses		(165	)
Net pension amortization reclassified from accumulated other comprehensive loss		366
Tax effects		(76	)
Balance at November 26, 2016		(2,553	)
Recognition of prior service cost		(932	)
Actuarial gains		448
Net pension amortization reclassified from accumulated other comprehensive loss		447
Tax effects		20
Balance at November 25, 2017	$	(2,570	)

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Note 13 - Capital Stock and Stock Compensation

12 Months Ended

Nov. 25, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Capital Stock and Stock Compensation

We account for our

stock-based employee and director compensation plans in accordance with ASC

718,

Compensation – Stock Compensation

. ASC

718

requires recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period) which we recognize on a straight-line basis. Compensation expense related to restricted stock and stock options included in selling, general and administrative expenses in our consolidated statements of income for fiscal

2017,

2016

and

2015

was as follows:

	2017		2016		2015

Stock based compensation expense	$	1,028	$	903	$	894

Incentive

Stock Compensation Plans

1997,

we adopted an

Employee Stock Plan (the

“1997

Plan”), and reserved for issuance

950,000

shares of common stock. An additional

500,000

shares of common stock were authorized for issuance in

2000.

In addition, the terms of the

1997

Plan allow for the re-issuance of any stock options which have been forfeited before being exercised. Options granted under the

1997

Plan

may

be for such terms and exercised at such times as determined by the Organization, Compensation, and Nominating Committee of the Board of Directors. There are

shares available for grant under the

1997

Plan at

November 25, 2017,

and as of that date all previously outstanding awards under the

1997

Plan have been either exercised or have expired.

April

14,

2010,

our shareholders approved the Bassett Furniture Industries, Incorporated

2010

Stock Incentive Plan which was amended and restated effective

January 13, 2016 (

the

“2010

Plan”). All present and future non-employee directors, key employees and outside consultants for the Company are eligible to receive incentive awards under the

2010

Plan. Our Organization, Compensation and Nominating Committee (the “Compensation Committee”) selects eligible key employees and outside consultants to receive awards under the

2010

Plan in its discretion. Our Board of Directors or any committee designated by the Board of Directors selects eligible non-employee directors to receive awards under the

2010

Plan in its discretion.

1,250,000

shares of common stock are reserved for issuance under the

2010

Plan as amended. Participants

may

receive the following types of incentive awards under the

2010

Plan: stock options, stock appreciation rights, payment shares, restricted stock, restricted stock units and performance shares. Stock options

may

be incentive stock options or non-qualified stock options. Stock appreciation rights

may

be granted in tandem with stock options or as a freestanding award. Non-employee directors and outside consultants are eligible to receive restricted stock and restricted stock units only. We expect to issue new common stock upon the exercise of options.

using the simplified method. Forfeitures are recognized as they occur. We utilize the simplified method to determine the expected life of our options due to insufficient exercise activity during recent years as a basis from which to estimate future exercise patterns.

Stock Options

There were

new grants of options made in

201

2016

2015.

Changes in the outstanding options under our plans during the year ended

November 2

2017

were as follows:

	Number of Shares			Weighted Average Exercise Price Per Share

Outstanding at November 26, 2016		66,250		$	10.57
Granted		-			-
Exercised		(26,500	)		11.68
Forfeited/Expired		(28,000	)		10.60
Outstanding at November 25, 2017		11,750			8.02
Exercisable at November 25, 2017		11,750		$	8.02

All remaining options outstanding at

November 25, 2017

are exercisable at

$8.02

per share with a remaining contractual life of

3.6

years and

an aggregate intrinsic value of

$366.

There were

non-vested options outstanding under our plans during the year ended

November 25, 2017.

Additional information regarding activity in our stock options during fiscal

2017,

2016

and

2015

is as follows:

	2017		2016		2015

Total intrinsic value of options exercised	$	564	$	124	$	5,934
Total fair value of options vested		-		-		87
Total cash received from the exercise of options		310		114		4,031
Excess tax benefits recognized as additional paid-in capital upon the exercise of options (1)		-		-		1,899
Excess tax benefits recognized in income tax expense upon the exercise of options		188		41		-

(

) Prior to the adoption of ASU

2016

in fiscal

2016.

Subsequent to adoption, all excess tax benefits are included as a component of the provision for income taxes.

Restricted Shares

Changes in the outstanding non-vested restricted shares during the year ended

November 2

2017

were as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 26, 2016		123,014		$	17.99
Granted		42,538			28.70
Vested		(66,414	)		16.07
Forfeited		-			-
Non-vested restricted shares outstanding at November 25, 2017		99,138		$	23.87

Restricted share awards granted in fiscal

201

included the grant of

36,000

shares on

January 10, 2017

which were subject to a performance condition as well as a service condition. The performance condition was based on a measure of the Company’s operating cash flow for

2017

and has now been satisfied. The awards will remain subject to an additional

two

-year service requirement and will vest on the

third

anniversary of the grant. The remaining grants for

2017

consisted of

6,538

restricted shares granted to our non-employee directors on

March 8, 2017

which will vest on the

first

anniversary of the grant.

During fiscal

201

66,414

restricted shares were vested and released, of which

60,600

shares had been granted to employees and

5,814

shares to directors. Of the shares released to employees,

21,210

shares were withheld by the Company to cover withholding taxes of

$641.

During fiscal

2016

and

2015,

2,940

shares and

4,836

shares, respectively, were withheld to cover withholding taxes of

$77

and

$154,

respectively, arising from the vesting of restricted shares. During fiscal

2017

and

2016,

excess tax benefits of

$366

and

$46,

respectively, were recognized within income tax expense upon the release of vested shares. Prior to the adoption of ASU

2016

09,

excess tax benefits of

$99

were recognized during fiscal

2015

as additional paid-in capital upon the release of vested shares.

Additional information regarding our outstanding non-vested restricted shares at

November 2

2017

is as follows:

					Remaining
	Restricted		Share Value		Restriction
Grant	Shares		at Grant Date		Period
Date	Outstanding		Per Share		(Years)


July 17, 2013		12,600	$	16.64		0.6
January 14, 2015		40,000		20.21		0.1
July 14, 2015		2,000		38.02		0.6
July 12, 2016		2,000		25.88		0.6
January 10, 2017		36,000		29.05		2.1
March 8, 2017		6,538		26.77		0.3
		99,138

Unrecognized compensation cost related to these non-vested restricted shares at

November 2

2017

$910,

expected to be recognized over approximately a

two

year period.

Employee Stock Purchase Plan

2000,

we adopted and implemented an Employee Stock Purchase Plan (“

2000

ESPP”) that allows eligible employees to purchase a limited number of shares of our stock at

85%

of market value. Under the

2000

ESPP we sold

8,502

and

19,053

shares to employees in fiscal

2016

and

2015,

respectively, which resulted in an immaterial amount of compensation expense. The

2000

ESPP reached the cumulative number of shares authorized for purchase under the plan during the

third

quarter of fiscal

2016.

March

2017

we adopted and implemented the

2017

Employee Stock Purchase Plan (

“2017

ESPP”)

that allows eligible employees to purchase a limited number of shares of our stock at

85%

of market value. Under the

2017

ESPP we sold

6,275

shares to employees during fiscal

2017

which resulted in an immaterial amount of compensation expense. There are

243,725

shares remaining available for sale under the

2017

ESPP at

November 25, 2017.

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Note 14 - Income Taxes

12 Months Ended

Nov. 25, 2017

Income Tax Disclosure [Text Block]

Income Taxes

The components of the income tax provision are as follows:

	2017			2016		2015
Current:
Federal	$	7,887		$	3,728	$	7,972
State		2,035			896		1,533

Deferred:
Increase (decrease) in valuation allowance		-			-		(70	)
Federal		(200	)		4,559		1,520
State		(102	)		765		480
Total	$	9,620		$	9,948	$	11,435

A reconciliation of the statutory federal income tax rate and the effective income tax rate, as a percentage of income before income taxes, is as follows:

	2017			2016			2015
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
Change in income tax valuation allowance		-			-			(0.1	)
Change in income tax reserves		-			-			0.1
State income tax, net of federal benefit		3.9			4.2			4.4
Benefit of goodwill basis difference		-			-			(3.2	)
Excess tax benefits from stock-based compensation		(1.8	)		(0.3	)		-
Other		(2.6	)		(0.3	)		(0.3	)
Effective income tax rate		34.5	%		38.6	%		35.9	%

Excess tax benefits in the amount of $

554

and

$87

were recognized as a component of income tax expense during fiscal

2017

and

2016,

respectively, resulting from the exercise of stock options and the release of restricted shares. Prior to the adoption of ASU

2016

in fiscal

2016,

excess tax benefits of

$1,998

were recognized as additional paid-in capital during fiscal

2015.

The income tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred income tax assets and deferred income tax liabilities, are as follows:

	November 25, 2017		November 26, 2016
Deferred income tax assets:
Trade accounts receivable	$	239	$	307
Inventories		2,606		2,407
Notes receivable		550		562
Post employment benefit obligations		5,555		5,338
State net operating loss carryforwards		583		731
Unrealized loss from affiliates		69		217
Net deferred rents		3,906		3,112
Other		1,878		2,005
Gross deferred income tax assets		15,386		14,679
Valuation allowance		-		-
Total deferred income tax assets		15,386		14,679

Deferred income tax liabilities:
Property and equipment		5,426		5,179
Intangible assets		1,185		1,012
Prepaid expenses and other		382		417

Total deferred income tax liabilities		6,993		6,608

Net deferred income tax assets	$	8,393	$	8,071

At the beginning of fiscal

2015

we carried a valuation allowance of

$70

which was primarily related to state net operating loss carryforwards for which it was considered to be more likely than

not

that they would

not

be utilized prior to their expiration. During fiscal

2015

we removed the remaining valuation allowance resulting in a credit to income of

$70.

There was

valuation allowance at either

November 25, 2017

November 26, 2016.

We have state net operating loss carryforwards available to offset future taxable state income of $

4,856,

which expire in varying amounts between

2021

and

2027.

Realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards.

Income taxes paid, net of refunds received, during

201

2016

and

2015

were

$7,516,

$9,949,

and

$5,906,

respectively.

We regularly evaluate, assess and adjust

our accrued liabilities for unrecognized tax benefits in light of changing facts and circumstances, which could cause the effective tax rate to fluctuate from period to period.

The following table summarizes the activity related to our gross unrecognized tax benefits

	2017		2016		2015
Balance, beginning of the year	$	55	$	12	$	1,236
Gross increases		46		43		12
Gross decreases due to settlements		-		-		(1,236	)

Balance, end of the year	$	101	$	55	$	12

We recognize interest and penalties related to unrecognized tax benefits in income tax expense. During fiscal

201

2016,

and

2015,

we recognized

$10,

$15,

and $(

144

) of interest expense (recovery) and

$11,

$10,

and

of penalty expense, respectively, related to the unrecognized benefits noted above in our consolidated statements of income. At

November 25, 2017

and

November 26, 2016,

the balance of accrued interest and penalties associated with unrecognized tax benefits was

not

material.

may

adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. The Company also cannot predict when or if any other future tax payments related to these tax positions

may

occur.

We remain subject to examination for tax years

2014

through

2016

for all of our major tax jurisdictions. See Note

22,

Subsequent Event, regarding the impact of newly enacted changes to Federal tax law.

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Note 15 - Other Gains and Losses	12 Months Ended
Note 15 - Other Gains and Losses	Nov. 25, 2017
Notes to Financial Statements
Investment [Text Block]	1 5. Other Gains and Losses Gain on Sale of Retail Store Location Selling, general and administrative expenses for the year ended November 25, 2017 includes a gain of $1,220 resulting from the sale of our retail store location in Las Vegas, Nevada for $4,335 in cash. The store was closed in August of 2017 in preparation for its repositioning to a new location in the Las Vegas market. Income from Antitrust Litigation Settlement Cost of furniture and accessories sold for the year ended November 26, 2016 includes the benefit of $1,428 of income we received from the settlement of class action litigation. This benefit is included in our wholesale segment. We were a member of the certified class of consumers that were plaintiffs in the Polyurethane Foam Antitrust Litigation against various producers of flexible polyurethane foam. The litigation alleged a price-fixing conspiracy in the flexible polyurethane foam industry that caused indirect purchasers to pay higher prices for products that contain flexible polyurethane foam. In 2015 a settlement was reached with several of the producers, though other producers named in the suit filed appeals blocking distribution of the settlement. In June of 2016 the final producer appeal was dismissed and we received $1,428 in cash representing our share of the settlement, which is included in cash provided by operating activities in our statement of cash flows for the year ended November 26, 2016. Asset Impairment Charges and Lease Exit Costs During fiscal 2015 income from operations included $106 of non-cash asset impairment charges and a $419 charge for the accrual of lease exit costs, both incurred in connection with the closing of our Company-owned retail store location in Memphis, Tennessee. There were no asset impairment charges or lease exit costs incurred against income from operations during fiscal 2017 or 2016. See Note 2 regarding non-operating impairment charges incurred in connection with our investments in retail real estate. Management Restructuring Costs During the year ended November 28, 2015, we recognized $449 of expense related to severance payable to a former executive, who left the Company in April, 2015. As of November 28, 2015, all required payments of severance had been disbursed. These management restructuring costs were incurred within our wholesale segment. There were no restructuring charges incurred in fiscal 2017 or 2016.

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Note 16 - Income from the Continued Dumping and Subsidy Offset Act	12 Months Ended
	Nov. 25, 2017
Notes to Financial Statements
Income From Continued Dumping And Subsidy Offset Act [Text Block]	1 6. Income from the Continued Dumping and Subsidy Offset Act During the years ended November 25, 2017, November 26, 2016 and November 28, 2015, we recognized income of $94, $240 and $1,156, respectively, arising from distributions received from U.S. Customs and Border Protection (“Customs”) under the Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA”). These distributions primarily represent amounts previously withheld by Customs pending the resolution of claims filed by certain manufacturers who did not support the antidumping petition (“Non-Supporting Producers”) challenging certain provisions of the CDSOA and seeking to share in the distributions. The Non-Supporting Producers’ claims were dismissed by the courts and all appeals were exhausted in 2014. While it is possible that we may receive additional distributions from Customs, we cannot estimate the likelihood or amount of any future distributions.

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Note 17 - Leases and Lease Guarantees

12 Months Ended

Nov. 25, 2017

Leases Lease Guarantees And Loan Guarantees [Text Block]

Leases

and

Lease Guarantees

Lease

We lease land and buildings that are used in the operation of our Company-owned retail stores as well as in the operation of

certain of our licensee-owned stores, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our logistical services segment. We also lease tractors, trailers and local delivery trucks used in our logistical services segment. Our real estate lease terms range from

one

years and generally have renewal options of between

five

and

years. Some store leases contain contingent rental provisions based upon sales volume. Our transportation equipment leases have terms ranging from

two

seven

years with fixed monthly rental payments plus variable charges based upon mileage. The following schedule shows future minimum lease payments under non-cancellable operating leases with terms in excess of

one

year as of

November 25, 2017:

	Retail Stores		Distribution Centers		Transportation Equipment		Total

Fiscal 2018	$	22,426	$	4,127	$	2,999	$	29,552
Fiscal 2019		22,541		2,735		2,367		27,643
Fiscal 2020		21,072		1,960		2,104		25,136
Fiscal 2021		18,212		1,545		1,169		20,926
Fiscal 2022		15,424		1,520		963		17,907
Thereafter		50,743		1,776		254		52,773
Total future minimum lease payments	$	150,418	$	13,663	$	9,856	$	173,937

Lease expense was

$34,372,

$31,867

and

$26,382

for

2017,

2016,

and

2015,

respectively. Lease expense for leases with escalating minimum payments over the lease term is recognized on a straight-line basis. Our liability for accrued straight-line rent expense was

$4,821

and

$3,708

November 25, 2017

and

November 26, 2016,

respectively, and is included in other accrued liabilities in our consolidated balance sheets.

In addition to subleasing certain of these properties, we own retail real estate which we in turn lease to licensee operators of

BHF stores. We also own real estate for closed stores which we lease to non-licensees. The following schedule shows minimum future rental income related to pass-through rental expense on subleased property as well as rental income on real estate owned by Bassett.

Fiscal 2018	$	1,653
Fiscal 2019		1,669
Fiscal 2020		1,616
Fiscal 2021		781
Fiscal 2022		422
Thereafter		106
Total minimum future rental income	$	6,247

Real estate

rental net loss (rental income less lease costs, depreciation, insurance, and taxes), related to licensee stores and other investment real estate, was

$48,

$59

and

$181

2017,

2016

and

2015,

respectively, and is reflected in other loss, net in the accompanying consolidated statements of income.

Guarantees

As part of the strategy for our

store program, we have guaranteed certain lease obligations of licensee operators. Lease guarantees range from

one

three

years. We were contingently liable under licensee lease obligation guarantees in the amount of

$2,743

and

$1,868

November 25, 2017

and

November 26, 2016,

respectively.

In the event of default by an independent dealer under the guaranteed lease, we believe that the risk of loss is mitigated through a combination of options that include, but are

not

limited to, arranging for a replacement dealer, liquidating the collateral, and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are estimated to cover the maximum amount of our future payments under the guarantee obligations

, net of reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at

November 25, 2017

and

November 26, 2016,

were

not

material.

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Note 18 - Contingencies	12 Months Ended
Note 18 - Contingencies	Nov. 25, 2017
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	1 8. Contingencies We are involved in various claims and actions which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, it is our opinion that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations.

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Note 19 - Earnings Per Share

12 Months Ended

Nov. 25, 2017

Earnings Per Share [Text Block]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share

	2017		2016		2015
Numerator:
Net income	$	18,256	$	15,829	$	20,433

Denominator:
Denominator for basic income per share - weighted average shares		10,649,225		10,732,217		10,701,829
Effect of dilutive securities		82,850		130,204		141,198
Denominator for diluted income per share — weighted average shares and assumed conversions		10,732,075		10,862,421		10,843,027

Basic income per share:
Net income per share — basic	$	1.71	$	1.47	$	1.91

Diluted income per share:
Net income per share — diluted	$	1.70	$	1.46	$	1.88

For fiscal

201

2016

and

2015,

the following potentially dilutive shares were excluded from the computations as there effect was anti-dilutive:

		2017				2016				2015
Unvested restricted shares			-				7,814				8,354

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Note 20 - Segment Information

12 Months Ended

Nov. 25, 2017

Segment Reporting Disclosure [Text Block]

Segment Information

We have strategically aligned our business into

three

reportable segments as defined in ASC

280,

Segment Reporting

, and as described below:

●

Wholesale.

The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned stores retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company- and licensee-owned stores. Our wholesale segment also includes our holdings of short-term investments and retail real estate previously leased as licensee stores. The earnings and costs associated with these assets are included in other loss, net, in our consolidated statements of income.

●

Retail

– Company-owned

tores.

Our retail segment consists of Company-owned stores and includes the revenues, expenses, assets and liabilities and capital expenditures directly related to these stores.

●

Logistical services

With our acquisition of Zenith on

February 2, 2015,

we created the logistical services operating segment which reflects the operations of Zenith. In addition to providing shipping, delivery and warehousing services for the Company, Zenith also provides similar services to other customers, primarily in the furniture industry. Revenue from the performance of these services to other customers is included in logistics revenue in our condensed consolidated statement of income. Zenith’s operating costs are included in selling, general and administrative expenses and total

$94,616

and

$92,196

for the years ended

November 25, 2017

and

November 26, 2016,

respectively, and

$73,722

from the date of acquisition through

November 28, 2015.

Amounts charged by Zenith to the Company for logistical services prior to the date of acquisition are included in selling, general and administrative expenses, and our equity in the earnings of Zenith prior to the date of acquisition is included in other loss, net, in the accompanying statements of income.

Inter-company

sales elimination represents the elimination of wholesale sales to our Company-owned stores and the elimination of Zenith logistics revenue from our wholesale and retail segments. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has

not

been realized. These profits will be recorded when merchandise is delivered to the retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate, and the elimination of shipping and handling charges from Zenith for services provided to our wholesale and retail operations.

The following table presents segment information for each of the last

three

fiscal years:

	2017			2016			2015
Net Sales
Wholesale	$	249,193		$	240,346		$	252,180
Retail		268,264			254,667			249,379
Logistical services		97,578			95,707			77,250
Inter-company eliminations:
Furniture and accessories		(119,360	)		(117,817	)		(114,154	)
Logistical services		(43,172	)		(40,865	)		(33,728	)
Consolidated	$	452,503		$	432,038		$	430,927

Income (loss) from Operations
Wholesale	$	19,121		$	18,672		$	15,618
Retail		3,490			4,333			6,170
Logistical services		2,962			3,511			3,528
Inter-company elimination		1,445			1,677			1,647
Lease exit costs		-			-			(419	)
Asset impairment charges		-			-			(106	)
Management restructuring costs		-			-			(449	)
Consolidated income from operations	$	27,018		$	28,193		$	25,989

Depreciation and Amortization
Wholesale	$	2,648		$	2,053		$	2,075
Retail		6,011			5,992			5,428
Logistical services		4,653			4,204			2,634
Consolidated	$	13,312		$	12,249		$	10,137

Capital Expenditures
Wholesale	$	4,875		$	7,232		$	4,898
Retail		8,086			5,115			7,077
Logistical services		2,539			9,154			1,999
Consolidated	$	15,500		$	21,501		$	13,974

Identifiable Assets
Wholesale	$	152,181		$	139,477		$	146,878
Retail		89,271			88,855			88,878
Logistical services		52,296			49,935			46,787
Consolidated	$	293,748		$	278,267		$	282,543

A breakdown of wholesale sales by product category for each of the last

three

fiscal years is provided below:

	2017			2016			2015

Wood		35	%		37	%		37	%
Upholstery		65	%		63	%		63	%
		100	%		100	%		100	%

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Note 21 - Quarterly Results of Operations

12 Months Ended

Nov. 25, 2017

Quarterly Financial Information [Text Block]

Quarterly Results of Operations

	2017
	First Quarter		Second Quarter (1)		Third Quarter (2)		Fourth Quarter (3)

Sales revenue:
Furniture and accessories	$	93,698	$	100,294	$	100,152	$	103,953
Logistics		12,194		13,831		14,109		14,272
Total sales revenue		105,892		114,125		114,261		118,225
Cost of furniture and accessories sold		41,898		44,981		45,320		45,380
Income from operations		4,664		7,600		7,260		7,494
Net income		2,861		5,842		4,579		4,974
Basic earnings per share		0.27		0.55		0.43		0.46
Diluted earnings per share		0.27		0.54		0.43		0.46

	2016
	First Quarter		Second Quarter		Third Quarter (4)		Fourth Quarter (5)

Sales revenue:
Furniture and accessories	$	92,402	$	92,990	$	91,465	$	100,339
Logistics		14,471		13,677		13,247		13,447
Total sales revenue		106,873		106,667		104,712		113,786
Cost of furniture and accessories sold		41,986		42,419		40,091		43,023
Income from operations		5,791		5,853		7,540		9,009
Net income		3,234		3,385		4,165		5,045
Basic earnings per share		0.30		0.31		0.39		0.47
Diluted earnings per share		0.30		0.31		0.38		0.47

All quarters shown above for fiscal

201

and

2016

consist of

week fiscal periods.

(

)

Net income includes a gain of

$2,026

from the sale of an investment, net of related income tax effects of approximately

$1,241

(see Note

)

, and a loss of

$672,

net of related income tax effects of approximately

$412,

resulting from the impairment of retail real estate (see Note

(

)

Income from operations included a gain of

$1,220

from the sale of our Las Vegas, Nevada retail store (see Note

(

)

Net income includes a gain of

$591

from the disposition of our interest in IMC, net of related income tax effects of approximately

$363

(see Note

), and income of

$58

from the CDSOA, net of related income tax effects of approximately

$36

(see Note

(

)

Income from operations includes the benefit of a

$1,428

award received from the settlement of class action litigation (see Note

(

)

Net income includes income of

$148

from the CDSOA, net of related income tax effects of approximately

$92

(see Note

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Note 22 - Subsequent Events	12 Months Ended
Note 22 - Subsequent Events	Nov. 25, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	2 2. Subsequent Event s Acquisition of Lane Venture On December 21, 2017, we purchased certain operating assets and assumed certain liabilities of Lane Venture from Heritage Home Group, LLC for $15,556 in cash. Lane Venture is a manufacturer and distributor of premium outdoor furniture and will be operated as a component of our wholesale segment. A preliminary allocation of the purchase price to the net assets acquired is expected to be made during the first quarter of fiscal 2018. Tax Cuts and Jobs Act On December 22, 2017 the Tax Cuts and Jobs Act (the “Act”) was signed into law. Among other provisions, the Act reduces the Federal statutory corporate income tax rate from 35% to 21%. This rate reduction is expected to have a significant impact on our provisions for income taxes for periods beginning after November 25, 2017, including a one -time impact resulting from the revaluation of our deferred tax assets and liabilities to reflect the new lower rate. While we have not yet determined the net amount of the revaluation, we expect that it will be a significant component of our income tax provision for the first quarter of fiscal 2018.

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Schedule II - Analysis of Valuation and Qualifying Accounts

12 Months Ended

Nov. 25, 2017

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Bassett Furniture Industries, Incorporated

Schedule II

Analysis of Valuation and Qualifying Accounts
For the Years Ended November 25, 2017, November 26, 2016 and November 28, 2015
(amounts in thousands)

	Balance Beginning of Period		Additions Charged to Cost and Expenses			Deductions (1)			Other			Balance End of Period
For the Year Ended November 28, 2015:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,249	$	(216	)	$	(67	)	$	209	(2)	$	1,175

Notes receivable valuation reserves	$	4,139	$	582		$	(75	)	$	-		$	4,646

Income tax valuation allowance	$	70	$	-		$	(70	)	$	-		$	-

For the Year Ended November 26, 2016:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,175	$	(376	)	$	-		$	-		$	799

Notes receivable valuation reserves	$	4,646	$	-		$	(3,192	)	$	-	(3)	$	1,454

Income tax valuation allowance	$	-	$	-		$	-		$	-		$	-

For the Year Ended November 25, 2017:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	799	$	(182	)	$	-		$	-		$	617

Notes receivable valuation reserves	$	1,454	$	-		$	-		$	-		$	1,454

Income tax valuation allowance	$	-	$	-		$	-		$	-		$	-

(

) Deductions are for the purpose for which the reserve was created.

(

) Represents reserves of acquired company at date of acquisition.

(

) During fiscal

2016,

previously reserved notes were determined to be uncollectible and were written off against the reserve.

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Significant Accounting Policies (Policies)

12 Months Ended

Nov. 25, 2017

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and

Principles of Consolidation

Our

fiscal year ends on the last Saturday in

November,

which periodically results in a

-week year. Fiscal

2017,

2016

and

2015

each contained

2017,

2016

and

2015

are to Bassett's fiscal year ended

November 25, 2017,

November 26, 2016

and

November 28, 2015,

The equity method of accounting

was used for our investment in Zenith prior to the date of acquisition because we exercised significant influence but did

not

maintain a controlling interest. Consolidated net income includes our proportionate share of the net income or net loss of Zenith prior to the date of the acquisition.

We analyzed our licensees under the requirements

810.

We completed our assessment for other potential VIEs, and concluded that there were

none.

We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

days for wholesale customers.

Estimates for returns and allowances have been recorded as a reduction to revenue. The contracts with our licensee store owners do

not

Staff Accounting Bulletin

No.

104,

Revenue Recognition

(“SAB

104”

) outlines the

four

basic criteria for recognizing revenue as follows: (

) persuasive evidence of an arrangement exists, (

) delivery has occurred or services have been rendered, (

) the seller’s price to the buyer is fixed or determinable, and (

) collectability is reasonably assured. SAB

104

further asserts that if collectability of all or a portion of the revenue is

not

reasonably assured, revenue recognition should be deferred until payment is received. During fiscal

2017,

2016

and

2015,

there were

sales for which these criteria were

not

met.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents

and Short-Term Investments

The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of

three

months or less to be cash and cash equivalents.

Our short-term investments consist of certificates of deposit that have original maturities of

twelve

months or less but greater than

three

months.

Receivables, Policy [Policy Text Block]

Accounts Receivable

Substantially all of our trade accounts receivable

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk and Major Customers

and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At

November 25, 2017

and

November 26, 2016,

our aggregate exposure from receivables and guarantees related to customers consisted of the following:

	2017		2016
Accounts receivable, net of allowances (Note 5)	$	19,640	$	18,358
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)		2,717		1,865
Total credit risk exposure related to customers	$	22,357	$	20,223

November 25, 2017,

approximately

29%

of the aggregate risk exposure, net of reserves, shown above was attributable to

five

customers. At

November 26, 2015,

approximately

30%

of the aggregate risk exposure, net of reserves, shown above was attributable to

four

customers. In fiscal

2017,

2016

and

2015,

customer accounted for more than

10%

of total consolidated net sales. However,

one

customer accounted for approximately

33%,

36%

and

26%

of our consolidated revenue from logistical services during

2017,

2016

and

2015,

respectively.

We have

foreign manufacturing or retail operations. We define export sales as sales to any country or territory other than the

United States or its territories or possessions. Our export sales were approximately

$2,288,

$3,607,

and

$4,516

in fiscal

2017,

2016,

and

2015,

respectively. All of our export sales are invoiced and settled in U.S. dollars.

Inventory, Policy [Policy Text Block]

Inventories

first

-out (“LIFO”) method

because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories is determined on a

first

-in,

first

-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented

54%

and

53%

of total inventory before reserves at

November 25, 2017

and

November 26, 2016,

may

be required.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

years. Machinery and equipment are generally depreciated over a period of

years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter.

Retail Real Estate [Policy Text Block]

Retail Real Estate

Retail real estate is comprised of owned and leased properties

which have in the past been utilized by licensee operated BHF stores and are now leased or subleased to non-licensee tenants. The net book value of our retail real estate at

November 25, 2017

and

November 26, 2016

was

$1,758

and

$2,969,

years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. Depreciation expense was

$127,

$152,

and

$184

in fiscal

2017,

2016,

and

2015,

respectively, and is included in other loss, net, in our consolidated statements of income.

The net book value of our retail real estate at

November 25, 2017

consisted of

one

property located near Charleston, South Carolina which is fully occupied by a tenant under a long term lease. We also own

a building in Chesterfield County, Virginia that was formerly leased to a licensee for the operation of a BHF store. The building is subject to a ground lease that expires in

2020,

but which has additional renewal options. Since

2012,

second

quarter of fiscal

2017

which indicated that the value of the building had significantly decreased and was now minimal. Given these circumstances, we concluded in the

second

quarter that we are unlikely to renew the ground lease in

2020

and would therefore likely vacate the property at that time. Consequently, we recorded a non-cash impairment charge of

$1,084

during fiscal

2017

to write off the value of the building.

During

the year ended

November 28, 2015

we closed on the sale of our retail real estate investment property located in Sugarland, Texas and received cash in the amount of

$2,835.

During fiscal

2015

we recognized a non-cash charge of

$182

to write down the carrying value of the Sugarland real estate to the selling price.

The fiscal

2015

sales proceeds described above are included in

proceeds from sales of property and equipment in the accompanying consolidated statements of cash flows. The fiscal

2017

and

2015

impairment charges described above are included in other loss, net, in our consolidated statements of income.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

In accordance with

ASC Topic

350,

Intangibles – Goodwill & Other

the goodwill impairment test consists of a

two

-step process, if necessary. However, we

first

assess qualitative factors to determine whether it is more likely than

not

that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the

two

-step goodwill impairment test described in ASC Topic

350.

The more likely than

not

threshold is defined as having a likelihood of more than

percent. If, after assessing the totality of events or circumstances, we determine that it is

not

more likely than

not

that the fair value of a reporting unit is less than its carrying amount, then performing the

two

-step impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than

not

that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the

two

-step process.

Based on our qualitative assessment as described above, we have concluded that our goodwill is

not

impaired as of

November 25, 2017.

The

first

second

step represents a hypothetical

may

differ materially from the projected amounts.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Other

Intangible Assets

ntangible assets acquired in a business combination and determined to have an indefinite useful life are

not

efinite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts

may

not

may

be required at such time.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long Lived Assets

We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets

may

not

be recoverable or that the remaining useful life

may

When analyzing our

Income Tax, Policy [Policy Text Block]

Income Taxes

22.

We recognize the tax benefit from an uncertain tax position only if it is more likely than

not

that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.

Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We

may

not”

14.

New Store Pre Opening Costs [Policy Text Block]

New Store Pre-Opening Costs

Income

from operations for fiscal

2017,

2016

and

2015

includes new store pre-opening costs of

$2,413,

$1,148

and

$623,

not

pre-opening costs associated with stores acquired from licensees, as such locations were already in operation at the time of their acquisition.

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping and Handling Costs

Costs incurred to deliver wholesale merchandise to customers are recorded in

selling, general and administrative expense and totaled

$18,514,

$18,451,

and

$18,624

for fiscal

2017,

2016

and

2015,

respectively. Costs incurred to deliver retail merchandise to customers are also recorded in selling, general and administrative expense and totaled

$17,451,

$15,946,

and

$15,383

for fiscal

2017,

2016

and

2015,

respectively.

Advertising Costs, Policy [Policy Text Block]

Advertising

Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs

totaled

$18,834,

$16,688,

and

$16,228

in fiscal

2017,

2016,

and

2015,

respectively.

Liability Reserve Estimate, Policy [Policy Text Block]

nsurance Reserves

We have self-funded insurance programs in place to cover

may

not

be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns.

Supplemental Cash Flow Information [Policy Text Block]

Supplemental Cash Flow Information

In connection with our acquisition of Zenith, non-cash financing activities

during fiscal

2015

included the issuance of

89,485

shares of our common stock valued at

$1,675,

and the issuance of a note payable with a discounted fair value of

$8,436.

See Note

for additional information regarding the fair value of the consideration given for the acquisition of Zenith. There were

material non-cash investing or financing activities during fiscal

2017

2016.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Recently Adopted Pronouncements

March 2017,

the FASB issued Accounting Standards Update

No.

2017

(ASU

2017

Compensation – Retirement Benefits (Topic

715

): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

may

be capitalized as part of an asset where appropriate. The amendments in ASU

2017

one

is presented. Additionally, only the service cost component is eligible for capitalization, when applicable. The amendments in ASU

2017

effective as of the beginning of our

2017

fiscal year. The adoption of this guidance did

not

have a material impact upon our financial condition or results of operations.

Recent Pronouncements

Not

Yet Adopted

May 2014,

the FASB issued Accounting Standards Update

No.

2014

(ASU

2014

), which creates ASC Topic

606,

Revenue from Contracts with Customers

, and supersedes the revenue recognition requirements in Topic

605,

Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU

2014

supersedes the cost guidance in Subtopic

605

35,

Revenue Recognition—Construction-Type and Production-Type Contracts, and creates new Subtopic

340

40,

Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic

606

two

transition methods: (

) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (

) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. In addition, during

2016

the FASB has issued ASU

2016

08,

ASU

2016

and ASU

2016

12,

all of which clarify certain implementation guidance within ASU

2014

09,

and ASU

2016

11,

which rescinds certain SEC guidance within the ASC effective upon an entity’s adoption of ASU

2014

09.

The amendments in ASU

2014

are effective for annual reporting periods beginning after

December 15, 2017,

including interim periods within that reporting period, and early application is

not

permitted. Therefore the amendments in ASU

2014

will become effective for us as of the beginning of our

2019

fiscal year. In order to evaluate the impact that the adoption of ASU

2014

may

be required by the adoption of ASU

2014

09.

We have

not

yet made a determination as to the impact that adoption will have on our consolidated financial statements, nor have we made any decision on the method of adoption.

July 2015,

the FASB issued Accounting Standards Update

No.

2015

11,

Inventory (Topic

330

Simplifying the Measurement of Inventory

. ASU

2015

not

apply to inventory that is measured using last-in,

first

-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using

first

-in,

first

-out (FIFO) or average cost. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after

December 15, 2016.

Early adoption is permitted. Therefore the amendments in ASU

2015

will become effective for us as of the beginning of our

2018

fiscal year. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

January 2016,

the FASB issued Accounting Standards Update

No.

2016

01,

Financial Instruments - Overall (Subtopic

825

): Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

may

choose to measure equity investments that do

not

2016

will become effective for us as of the beginning of our

2019

fiscal year. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

February 2016,

the FASB issued Accounting Standards Update

No.

2016

02,

Leases (Topic

842

)

. The guidance in ASU

2016

months or less, a lessee is permitted to make an accounting policy election by class of underlying asset

not

2016

leaves the accounting for leases by lessors largely unchanged from previous GAAP. The transitional guidance for adopting the requirements of ASU

2016

calls for a modified retrospective approach that includes a number of optional practical expedients that entities

may

elect to apply. The guidance in ASU

2016

will become effective for us as of the beginning of our

2020

fiscal year. We are currently evaluating the impact that the adoption of ASU

2016

will have on our consolidated financial statements, which we expect will have a material effect on our statement of financial position, and have

not

made any decision on the method of adoption with respect to the optional practical expedients.

August 2016,

the FASB issued Accounting Standards Update

No.

2016

15,

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments

. ASU

2016

are to be adopted retrospectively and will become effective for as at the beginning of our

2019

fiscal year. Early adoption, including adoption in an interim period, is permitted. The adoption of this guidance is

not

expected to have a material impact upon our presentation of cash flows.

January 2017,

the FASB issued Accounting Standards Update

No.

2017

01,

Business Combinations (Topic

805

): Clarifying the Definition of a Business

. ASU

2017

provides a screen to determine when an integrated set of assets and activities (collectively referred to as a “set”) does

not

a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is

not

met, the amendments in ASU

2017

(

) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (

) remove the evaluation of whether a market participant could replace missing elements. The amendments in ASU

2017

shall apply prospectively and will become effective for as at the beginning of our

2019

fiscal year. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

January 2017,

the FASB issued Accounting Standards Update

No.

2017

04,

Intangibles – Goodwill and Other (Topic

350

): Simplifying the Test for Goodwill Impairment

. ASU

2017

eliminates Step

from the goodwill impairment test. Under Step

2017

04,

not

2017

will become effective for us as of the beginning of our

2021

fiscal year. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after

January 1, 2017.

The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

May 2017,

the FASB issued Accounting Standards Update

No.

2017

09,

Compensation – Stock Compensation (Topic

718

): Scope of Modification Accounting

. ASU

2017

was issued to provide clarity and reduce both (

) diversity in practice and (

) cost and complexity when applying the guidance in Topic

718,

718.

Essentially, an entity will

not

have to account for the effects of a modification if: (

) The fair value of the modified award is the same immediately before and after the modification; (

) the vesting conditions of the modified award are the same immediately before and after the modification; and (

) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. The amendments in ASU

2017

will become effective for us as of the beginning of our

2019

fiscal year. Early adoption is permitted, including adoption in any interim period. The adoption of this guidance is

not

expected to have a material impact upon our financial condition or results of operations.

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Note 2 - Significant Accounting Policies (Tables)

12 Months Ended

Nov. 25, 2017

Schedule Of Aggregate Exposure From Receivables And Guarantees Related To Customers [Table Text Block]

	2017		2016
Accounts receivable, net of allowances (Note 5)	$	19,640	$	18,358
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)		2,717		1,865
Total credit risk exposure related to customers	$	22,357	$	20,223

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Note 3 - Business Combinations (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Inventory	$	343
Goodwill		312

Purchase price	$	655

Identifiable assets acquired:
Acquired cash and cash equivalents	$	1,677
Accounts receivable, net		3,399
Prepaid expenses and other current assets		496
Property and equipment		18,110
Other long-term assets		646
Intangible assets		6,362
Total identifiable assets acquired		30,690
Liabilities assumed:
Accounts payable and accrued liabilities		(4,038	)
Notes payable		(4,329	)
Total liabilities assumed		(8,367	)
Net identifiable assets acquired		22,323
Goodwill		9,858
Total net assets acquired	$	32,181

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Fair value of consideration transferred in exchange for 51% of Zenith:
Cash	$	9,000
Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share		1,675
Note payable		8,436
Total fair value of consideration transferred to seller		19,111
Less effective settlement of previous amounts payable to Zenith at acquisition		(3,622	)
Total fair value of consideration net of effective settlement		15,489
Fair value of Bassett's previous 49% interest in Zenith		16,692

Total fair value of acquired business	$	32,181

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Useful Life
Description:	In Years		Fair Value

Customer relationships		15	$	3,038
Trade names		Indefinite		2,490
Technology - customized applications		7		834

Total acquired intangible assets			$	6,362

Business Acquisition, Pro Forma Information [Table Text Block]

	2017		2016		2015 (1)

Zenith revenue (2)	$	54,406	$	54,842	$	43,522
Zenith pre-tax income	$	2,972	$	3,313	$	3,379

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Note 5 - Accounts Receivable (Tables)

12 Months Ended

Nov. 25, 2017

Schedule Of Accounts Receivable [Table Text Block]

	November 25, 2017			November 26, 2016
Gross accounts receivable	$	20,257		$	19,157
Allowance for doubtful accounts		(617	)		(799	)
Net accounts receivable	$	19,640		$	18,358

Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]

	2017			2016

Balance, beginning of the year	$	799		$	1,175
Reductions to allowance, net		(182	)		(376	)
Balance, end of the year	$	617		$	799

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Note 6 - Inventories (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Inventory, Current [Table Text Block]

	November 25, 2017			November 26, 2016
Wholesale finished goods	$	26,145		$	24,392
Work in process		388			369
Raw materials and supplies		11,808			11,343
Retail merchandise		26,173			26,265
Total inventories on first-in, first-out method		64,514			62,369
LIFO adjustment		(8,143	)		(7,804	)
Reserve for excess and obsolete inventory		(1,895	)		(1,350	)
	$	54,476		$	53,215

Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]

	Wholesale Segment			Retail Segment			Total
Balance at November 28, 2015	$	1,087		$	310		$	1,397
Additions charged to expense		1,994			475			2,469
Write-offs		(2,020	)		(496	)		(2,516	)
Balance at November 26, 2016		1,061			289			1,350
Additions charged to expense		1,757			475			2,232
Write-offs		(1,200	)		(487	)		(1,687	)
Balance at November 25, 2017	$	1,618		$	277		$	1,895

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Note 7 - Property and Equipment (Tables)

12 Months Ended

Nov. 25, 2017

Property, Plant and Equipment [Table Text Block]

	November 25, 2017			November 26, 2016
Land	$	10,908		$	12,311
Buildings and leasehold improvements		117,185			109,728
Machinery and equipment		102,619			99,067
Property and equipment at cost		230,712			221,106
Less accumulated depreciation		(127,468	)		(116,451	)
Property and equipment, net	$	103,244		$	104,655

Schedule of Property Plant and Equipment by Reporting Segment [Table Text Block]

	November 25, 2017		November 26, 2016
Wholesale	$	25,277	$	22,984
Retail - Company-owned stores		57,539		59,347
Logistical Services		20,428		22,324
Total property and equipment, net	$	103,244	$	104,655

Schedule of Depreciation [Table Text Block]

	2017		2016		2015

Cost of goods sold (wholesale segment)	$	989	$	748	$	599
Selling, general and adminstrative expenses:
Wholesale segment		1,531		1,154		1,291
Retail segment		6,736		6,612		5,970
Logistical services segment		4,331		3,882		2,366
Total included in selling, general and adminstrative expenses		12,598		11,648		9,627
Total depreciation expense included in income from operations	$	13,587	$	12,396	$	10,226

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Note 8 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Intangible Assets and Goodwill [Table Text Block]

	November 25, 2017
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,038	$	(574	)	$	2,464
Technology - customized applications		834		(337	)		497

Total intangible assets subject to amortization		3,872		(911	)		2,961

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,900		-			11,900

Total goodwill and other intangible assets	$	18,262	$	(911	)	$	17,351

	November 26, 2016
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,038	$	(371	)	$	2,667
Technology - customized applications		834		(219	)		615

Total intangible assets subject to amortization		3,872		(590	)		3,282

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,588		-			11,588

Total goodwill and other intangible assets	$	17,950	$	(590	)	$	17,360

Schedule of Goodwill [Table Text Block]

	Wholesale		Retail		Logistics		Total

Balance as of November 28, 2015	$	4,839	$	1,820	$	4,929	$	11,588
Changes during fiscal 2016 (none)		-		-		-		-

Balance as of November 26, 2016		4,839		1,820		4,929		11,588
Goodwill arising from store acquisition (Note 3)		206		106		-		312

Balance as of November 25, 2017	$	5,045	$	1,926	$	4,929	$	11,900

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Fiscal 2018	$	322
Fiscal 2019		322
Fiscal 2020		322
Fiscal 2021		322
Fiscal 2022		223
Thereafter		1,450

Total	$	2,961

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Note 10 - Notes Payable and Bank Credit Facility (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Debt [Table Text Block]

	November 25, 2017
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	3,000		$	(13	)	$	2,987
Real estate notes payable		747			-			747

Total debt		3,747			(13	)		3,734
Less current portion		(3,418	)		13			(3,405	)

Total long-term debt	$	329		$	-		$	329

	November 26, 2016
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	6,000		$	(108	)	$	5,892
Real estate notes payable		1,219			-			1,219

Total debt		7,219			(108	)		7,111
Less current portion		(3,385	)		95			(3,290	)

Total long-term debt	$	3,834		$	(13	)	$	3,821

Schedule of Maturities of Long-term Debt [Table Text Block]

Fiscal 2018	$	3,418
Fiscal 2019		329
	$	3,747

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Note 11 - Post-employment Benefit Obligations (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

	2017			2016
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	11,863		$	11,678
Service cost		1,117			146
Interest cost		449			423
Actuarial (gains) losses		(447	)		165
Benefits paid		(660	)		(549	)
Projected benefit obligation at end of year	$	12,322		$	11,863

Accumulated Benefit Obligation	$	11,531		$	11,138

Discount rate used to value the ending benefit obligations:		3.50	%		3.75	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	778		$	776
Noncurrent liabilities		11,544			11,087
Total amounts recognized	$	12,322		$	11,863
Amounts recognized in accumulated other comprehensive income:
Transition obligation	$	42		$	85
Prior service cost		858			-
Actuarial loss		3,286			4,065
Net amount recognized	$	4,186		$	4,150

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	1,119		$	734

Schedule of Net Benefit Costs [Table Text Block]

	2017			2016			2015

Components of Net Periodic Pension Cost:
Service cost	$	186		$	146		$	105
Interest cost		449			423			374
Amortization of transition obligation		42			42			42
Amortization of prior service cost		73			-			-
Amortization of other loss		332			323			195

Net periodic pension cost	$	1,082		$	934		$	716


Assumptions used to determine net periodic pension cost:
Discount rate		3.75	%		3.75	%		3.75	%
Increase in future compensation levels		3.00	%		3.00	%		3.00	%

Schedule of Expected Benefit Payments [Table Text Block]

Estimated Future Benefit Payments (with mortality):
Fiscal 2018							778
Fiscal 2019							735
Fiscal 2020							691
Fiscal 2021							649
Fiscal 2022							999
Fiscal 2023 through 2027							4,248

Schedule of Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Table Text Block]

Transition obligation	$	42
Prior service cost		126
Other loss		261

Total expected to be amortized to net periodic pension cost in 2018	$	429

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Note 12 - Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Balance at November 28, 2015	$	(2,678	)
Actuarial losses		(165	)
Net pension amortization reclassified from accumulated other comprehensive loss		366
Tax effects		(76	)
Balance at November 26, 2016		(2,553	)
Recognition of prior service cost		(932	)
Actuarial gains		448
Net pension amortization reclassified from accumulated other comprehensive loss		447
Tax effects		20
Balance at November 25, 2017	$	(2,570	)

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Note 13 - Capital Stock and Stock Compensation (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	2017		2016		2015

Stock based compensation expense	$	1,028	$	903	$	894

Share-based Compensation, Stock Options, Activity [Table Text Block]

	Number of Shares			Weighted Average Exercise Price Per Share

Outstanding at November 26, 2016		66,250		$	10.57
Granted		-			-
Exercised		(26,500	)		11.68
Forfeited/Expired		(28,000	)		10.60
Outstanding at November 25, 2017		11,750			8.02
Exercisable at November 25, 2017		11,750		$	8.02

Schedule of Share-based Compensation, Summary of Additional Stock Option Information [Table Text Block]

	2017		2016		2015

Total intrinsic value of options exercised	$	564	$	124	$	5,934
Total fair value of options vested		-		-		87
Total cash received from the exercise of options		310		114		4,031
Excess tax benefits recognized as additional paid-in capital upon the exercise of options (1)		-		-		1,899
Excess tax benefits recognized in income tax expense upon the exercise of options		188		41		-

Schedule of Nonvested Share Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 26, 2016		123,014		$	17.99
Granted		42,538			28.70
Vested		(66,414	)		16.07
Forfeited		-			-
Non-vested restricted shares outstanding at November 25, 2017		99,138		$	23.87

Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]

					Remaining
	Restricted		Share Value		Restriction
Grant	Shares		at Grant Date		Period
Date	Outstanding		Per Share		(Years)


July 17, 2013		12,600	$	16.64		0.6
January 14, 2015		40,000		20.21		0.1
July 14, 2015		2,000		38.02		0.6
July 12, 2016		2,000		25.88		0.6
January 10, 2017		36,000		29.05		2.1
March 8, 2017		6,538		26.77		0.3
		99,138

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Note 14 - Income Taxes (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2017			2016		2015
Current:
Federal	$	7,887		$	3,728	$	7,972
State		2,035			896		1,533

Deferred:
Increase (decrease) in valuation allowance		-			-		(70	)
Federal		(200	)		4,559		1,520
State		(102	)		765		480
Total	$	9,620		$	9,948	$	11,435

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2017			2016			2015
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
Change in income tax valuation allowance		-			-			(0.1	)
Change in income tax reserves		-			-			0.1
State income tax, net of federal benefit		3.9			4.2			4.4
Benefit of goodwill basis difference		-			-			(3.2	)
Excess tax benefits from stock-based compensation		(1.8	)		(0.3	)		-
Other		(2.6	)		(0.3	)		(0.3	)
Effective income tax rate		34.5	%		38.6	%		35.9	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	November 25, 2017		November 26, 2016
Deferred income tax assets:
Trade accounts receivable	$	239	$	307
Inventories		2,606		2,407
Notes receivable		550		562
Post employment benefit obligations		5,555		5,338
State net operating loss carryforwards		583		731
Unrealized loss from affiliates		69		217
Net deferred rents		3,906		3,112
Other		1,878		2,005
Gross deferred income tax assets		15,386		14,679
Valuation allowance		-		-
Total deferred income tax assets		15,386		14,679

Deferred income tax liabilities:
Property and equipment		5,426		5,179
Intangible assets		1,185		1,012
Prepaid expenses and other		382		417

Total deferred income tax liabilities		6,993		6,608

Net deferred income tax assets	$	8,393	$	8,071

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	2017		2016		2015
Balance, beginning of the year	$	55	$	12	$	1,236
Gross increases		46		43		12
Gross decreases due to settlements		-		-		(1,236	)

Balance, end of the year	$	101	$	55	$	12

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Note 17 - Leases and Lease Guarantees (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

	Retail Stores		Distribution Centers		Transportation Equipment		Total

Fiscal 2018	$	22,426	$	4,127	$	2,999	$	29,552
Fiscal 2019		22,541		2,735		2,367		27,643
Fiscal 2020		21,072		1,960		2,104		25,136
Fiscal 2021		18,212		1,545		1,169		20,926
Fiscal 2022		15,424		1,520		963		17,907
Thereafter		50,743		1,776		254		52,773
Total future minimum lease payments	$	150,418	$	13,663	$	9,856	$	173,937

Schedule Of Future Rental Income [Table Text Block]

Fiscal 2018	$	1,653
Fiscal 2019		1,669
Fiscal 2020		1,616
Fiscal 2021		781
Fiscal 2022		422
Thereafter		106
Total minimum future rental income	$	6,247

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Note 19 - Earnings Per Share (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	2017		2016		2015
Numerator:
Net income	$	18,256	$	15,829	$	20,433

Denominator:
Denominator for basic income per share - weighted average shares		10,649,225		10,732,217		10,701,829
Effect of dilutive securities		82,850		130,204		141,198
Denominator for diluted income per share — weighted average shares and assumed conversions		10,732,075		10,862,421		10,843,027

Basic income per share:
Net income per share — basic	$	1.71	$	1.47	$	1.91

Diluted income per share:
Net income per share — diluted	$	1.70	$	1.46	$	1.88

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

		2017				2016				2015
Unvested restricted shares			-				7,814				8,354

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Note 20 - Segment Information (Tables)

12 Months Ended

Nov. 25, 2017

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	2017			2016			2015
Net Sales
Wholesale	$	249,193		$	240,346		$	252,180
Retail		268,264			254,667			249,379
Logistical services		97,578			95,707			77,250
Inter-company eliminations:
Furniture and accessories		(119,360	)		(117,817	)		(114,154	)
Logistical services		(43,172	)		(40,865	)		(33,728	)
Consolidated	$	452,503		$	432,038		$	430,927

Income (loss) from Operations
Wholesale	$	19,121		$	18,672		$	15,618
Retail		3,490			4,333			6,170
Logistical services		2,962			3,511			3,528
Inter-company elimination		1,445			1,677			1,647
Lease exit costs		-			-			(419	)
Asset impairment charges		-			-			(106	)
Management restructuring costs		-			-			(449	)
Consolidated income from operations	$	27,018		$	28,193		$	25,989

Depreciation and Amortization
Wholesale	$	2,648		$	2,053		$	2,075
Retail		6,011			5,992			5,428
Logistical services		4,653			4,204			2,634
Consolidated	$	13,312		$	12,249		$	10,137

Capital Expenditures
Wholesale	$	4,875		$	7,232		$	4,898
Retail		8,086			5,115			7,077
Logistical services		2,539			9,154			1,999
Consolidated	$	15,500		$	21,501		$	13,974

Identifiable Assets
Wholesale	$	152,181		$	139,477		$	146,878
Retail		89,271			88,855			88,878
Logistical services		52,296			49,935			46,787
Consolidated	$	293,748		$	278,267		$	282,543

Schedule Of Breakdown Of Wholesale Sales By Product Category [Table Text Block]

	2017			2016			2015

Wood		35	%		37	%		37	%
Upholstery		65	%		63	%		63	%
		100	%		100	%		100	%

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Note 21 - Quarterly Results of Operations (Tables)

12 Months Ended

Nov. 25, 2017

Quarterly Financial Information [Table Text Block]

	2017
	First Quarter		Second Quarter (1)		Third Quarter (2)		Fourth Quarter (3)

Sales revenue:
Furniture and accessories	$	93,698	$	100,294	$	100,152	$	103,953
Logistics		12,194		13,831		14,109		14,272
Total sales revenue		105,892		114,125		114,261		118,225
Cost of furniture and accessories sold		41,898		44,981		45,320		45,380
Income from operations		4,664		7,600		7,260		7,494
Net income		2,861		5,842		4,579		4,974
Basic earnings per share		0.27		0.55		0.43		0.46
Diluted earnings per share		0.27		0.54		0.43		0.46

	2016
	First Quarter		Second Quarter		Third Quarter (4)		Fourth Quarter (5)

Sales revenue:
Furniture and accessories	$	92,402	$	92,990	$	91,465	$	100,339
Logistics		14,471		13,677		13,247		13,447
Total sales revenue		106,873		106,667		104,712		113,786
Cost of furniture and accessories sold		41,986		42,419		40,091		43,023
Income from operations		5,791		5,853		7,540		9,009
Net income		3,234		3,385		4,165		5,045
Basic earnings per share		0.30		0.31		0.39		0.47
Diluted earnings per share		0.30		0.31		0.38		0.47

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Schedule II - Analysis of Valuation and Qualifying Accounts (Tables)

12 Months Ended

Nov. 25, 2017

Summary of Valuation Allowance [Table Text Block]

	Balance Beginning of Period		Additions Charged to Cost and Expenses			Deductions (1)			Other			Balance End of Period
For the Year Ended November 28, 2015:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,249	$	(216	)	$	(67	)	$	209	(2)	$	1,175

Notes receivable valuation reserves	$	4,139	$	582		$	(75	)	$	-		$	4,646

Income tax valuation allowance	$	70	$	-		$	(70	)	$	-		$	-

For the Year Ended November 26, 2016:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,175	$	(376	)	$	-		$	-		$	799

Notes receivable valuation reserves	$	4,646	$	-		$	(3,192	)	$	-	(3)	$	1,454

Income tax valuation allowance	$	-	$	-		$	-		$	-		$	-

For the Year Ended November 25, 2017:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	799	$	(182	)	$	-		$	-		$	617

Notes receivable valuation reserves	$	1,454	$	-		$	-		$	-		$	1,454

Income tax valuation allowance	$	-	$	-		$	-		$	-		$	-

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Note 1 - Description of Business (Details Textual)	Nov. 25, 2017	Feb. 02, 2015	Feb. 01, 2015
Number of Stores	90
Percent Of Wholesale Products Sourced From Other Countries	27.00%
Number Of Domestic Manufacturing Facilities	4
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage			49.00%
Business Acquisition, Percentage of Voting Interests Acquired		51.00%
Number of States in which Entity Operates		13
Company-owned Retail Stores [Member]
Number of Stores	60
Licensee Operated Retail Stores [Member]
Number of Stores	30

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Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands		12 Months Ended
	Feb. 02, 2015 USD ($) shares	Nov. 25, 2017 USD ($)	Nov. 26, 2016 USD ($)	Nov. 28, 2015 USD ($) shares	Nov. 26, 2015
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Customers		29.00%			30.00%
Concentration Risk, Percentage		100.00%	100.00%	100.00%
Percentage of LIFO Inventory		54.00%	53.00%
Depreciation		$ 13,587	$ 12,396	$ 10,226
Impairment of Real Estate		1,084		182
Goodwill, Impairment Loss		0
Pre-Opening Costs		2,413	1,148	623
Shipping, Handling and Transportation Costs				6,863
Advertising Expense		18,834	16,688	16,228
Zenith Freight Lines [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	89,485
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 1,675			1,675
Notes Issued				$ 8,436
Zenith Freight Lines [Member] \| Common Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares				89,485
Deliver Wholesale Merchandise to Customers [Member]
Shipping, Handling and Transportation Costs		18,514	18,451	$ 18,624
Deliver Retail Merchandise to Customers [Member]
Shipping, Handling and Transportation Costs		17,451	15,946	15,383
Other Noncurrent Assets [Member]
Real Estate Investment Property, Net		1,758	2,969
Retail Real Estate [Member]
Depreciation		127	152	184
Sugarland Real Estate [Member]
Impairment of Real Estate				182
Proceeds from Sale of Real Estate				2,835
Export Sales [Member]
Revenues		$ 2,288	$ 3,607	$ 4,516
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member]
Number of Major Customers		0	0	0
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| Logistical Services [Member]
Number of Major Customers		1	1	1
Concentration Risk, Percentage		33.00%	36.00%	26.00%
Minimum [Member]
Payment Terms For Wholesale Customers		30 days
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life		10 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life		5 years
Minimum [Member] \| Retail Buildings And Improvements [Member]
Property, Plant and Equipment, Useful Life		10 years
Maximum [Member]
Payment Terms For Wholesale Customers		60 days
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life		39 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life		10 years
Maximum [Member] \| Retail Buildings And Improvements [Member]
Property, Plant and Equipment, Useful Life		39 years

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Note 2 - Significant Accounting Policies - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Nov. 26, 2016
Accounts receivable, net of allowances (Note 5)	$ 19,640	$ 18,358
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)	2,717	1,865
Total credit risk exposure related to customers	$ 22,357	$ 20,223

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Note 3 - Business Combinations (Details Textual) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended	12 Months Ended
	Feb. 02, 2015 USD ($)	Feb. 01, 2015 USD ($)	Feb. 25, 2017 USD ($)	Nov. 25, 2017 USD ($)	Nov. 26, 2016 USD ($)	Nov. 28, 2015 USD ($) $ / shares
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain						$ 7,212
Bassett Home Furnishings, Columbus, Ohio [Member]
Business Combination, Consideration Transferred			$ 655
Zenith Freight Lines [Member]
Business Combination, Consideration Transferred	$ 19,111
Equity Method Investment, Ownership Percentage		49.00%
Business Acquisition, Percentage of Voting Interests Acquired	51.00%
Debt Instrument, Periodic Payment, Number of Installments	3
Equity Method Investments, Carrying Value Prior to Step Acquisition Remeasurement		$ 9,480
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value	$ 16,692					16,692
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain						$ 7,212
Diluted Earnings Per Share Adjustment \| $ / shares						$ 0.41
Business Acquisition, Goodwill, Expected Tax Deductible Amount						$ 6,982
Business Combination, Acquisition Related Costs						$ 209
Zenith Freight Lines [Member] \| Long-term Debt [Member]
Debt Instrument, Periodic Payment	$ 3,000

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Note 3 - Business Combination - Acquisition (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Feb. 25, 2017	Nov. 26, 2016	Nov. 28, 2015	Feb. 02, 2015
Goodwill	$ 11,900		$ 11,588	$ 11,588
Bassett Home Furnishings, Columbus, Ohio [Member]
Inventory		$ 343
Goodwill		312
Purchase price		$ 655
Zenith Freight Lines [Member]
Goodwill					$ 9,858
Purchase price					32,181
Acquired cash and cash equivalents					1,677
Accounts receivable, net					3,399
Prepaid expenses and other current assets					496
Property and equipment					18,110
Other long-term assets					646
Intangible assets					6,362
Total identifiable assets acquired					30,690
Accounts payable and accrued liabilities					(4,038)
Notes payable					(4,329)
Total liabilities assumed					(8,367)
Net identifiable assets acquired					$ 22,323

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Note 3 - Business Combination - Fair Value of Acquired Business (Details) - Zenith Freight Lines [Member] - USD ($) $ in Thousands		12 Months Ended
	Feb. 02, 2015	Nov. 28, 2015
Payments to Acquire Businesses, Gross	$ 9,000
Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share	1,675	$ 1,675
Note payable	8,436
Total fair value of consideration transferred to seller	19,111
Less effective settlement of previous amounts payable to Zenith at acquisition	(3,622)
Total fair value of consideration net of effective settlement	15,489
Fair value of Bassett's previous 49% interest in Zenith	16,692	$ 16,692
Total fair value of acquired business	$ 32,181

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Note 3 - Business Combination - Fair Value of Acquired Business (Details) (Parentheticals) - $ / shares	Feb. 02, 2015	Nov. 25, 2017	Nov. 26, 2016
Bassett common stock, par value (in dollars per share)		$ 5	$ 5
Zenith Freight Lines [Member]
Business Acquisition, Percentage of Voting Interests Acquired	51.00%
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	89,485
Bassett common stock, par value (in dollars per share)	$ 5
Bassett comon stock, fair value at closing, per share (in dollars per share)	$ 18.72
Fair value of Bassett's previous interest in Zenith, percentage	49.00%

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Note 3 - Business Combination - Acquired Identifiable Intangible Assets (Details) - Zenith Freight Lines [Member] $ in Thousands	Feb. 02, 2015 USD ($)
Fair Value	$ 6,362
Trade Names [Member]
Fair Value	$ 2,490
Customer Relationships [Member]
Useful Life In Years (Year)	15 years
Fair Value	$ 3,038
Technology-Based Intangible Assets [Member]
Useful Life In Years (Year)	7 years
Fair Value	$ 834

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Note 3 - Business Combination - Revenue and Pre-tax Profit included in Condensed Consolidated Statements of Income (Details) - Zenith Freight Lines [Member] - USD ($)
$ in Thousands

12 Months Ended

Nov. 25, 2017

Nov. 26, 2016

Nov. 28, 2015

^[2]

Zenith revenue (2)

^[1]

$ 54,406

$ 54,842

$ 43,522

Zenith pre-tax income

$ 2,972

$ 3,313

$ 3,379

[1]	Net of eliminated inter - company transactions, See Note 20.
[2]	From date of acquisition, February 2, 2015.

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Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Short-term Investments	$ 23,125	$ 23,125
Minimum [Member]
Certificates of Deposit Terms	180 days
Interest Rate of Certificates of Deposit	0.10%
Maximum [Member]
Certificates of Deposit Terms	1 year
Interest Rate of Certificates of Deposit	1.50%
Weighted Average [Member]
Certificates of Deposit Terms	150 days
Interest Rate of Certificates of Deposit	1.18%

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Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Gross accounts receivable	$ 20,257	$ 19,157
Allowance for doubtful accounts	(617)	(799)	$ (1,175)
Net accounts receivable	$ 19,640	$ 18,358

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Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Balance, beginning of the year	$ 799	$ 1,175
Reductions to allowance, net	(182)	(376)
Balance, end of the year	$ 617	$ 799

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Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Purchases From Major Vendors	$ 21,977	$ 19,128	$ 25,190

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Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Wholesale finished goods	$ 26,145	$ 24,392
Work in process	388	369
Raw materials and supplies	11,808	11,343
Retail merchandise	26,173	26,265
Total inventories on first-in, first-out method	64,514	62,369
LIFO adjustment	(8,143)	(7,804)
Reserve for excess and obsolete inventory	(1,895)	(1,350)	$ (1,397)
Inventory, net	$ 54,476	$ 53,215

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Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Balance	$ 1,350	$ 1,397
Additions charged to expense	2,232	2,469
Write-offs	(1,687)	(2,516)
Balance	1,895	1,350
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	1,061	1,087
Additions charged to expense	1,757	1,994
Write-offs	(1,200)	(2,020)
Balance	1,618	1,061
Operating Segments [Member] \| Retail Segment [Member]
Balance	289	310
Additions charged to expense	475	475
Write-offs	(487)	(496)
Balance	$ 277	$ 289

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Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Nov. 26, 2016
Land	$ 10,908	$ 12,311
Buildings and leasehold improvements	117,185	109,728
Machinery and equipment	102,619	99,067
Property and equipment at cost	230,712	221,106
Less accumulated depreciation	(127,468)	(116,451)
Property and equipment, net	$ 103,244	$ 104,655

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Note 7 - Property and Equipment - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Nov. 26, 2016
Property and equipment, net	$ 103,244	$ 104,655
Wholesale Segment [Member]
Property and equipment, net	25,277	22,984
Retail Segment [Member]
Property and equipment, net	57,539	59,347
Logistical Services [Member]
Property and equipment, net	$ 20,428	$ 22,324

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Note 7 - Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Depreciation expense	$ 13,587	$ 12,396	$ 10,226
Cost of Sales [Member]
Depreciation expense	989	748	599
Selling, General and Administrative Expenses [Member]
Depreciation expense	12,598	11,648	9,627
Selling, General and Administrative Expenses [Member] \| Wholesale Segment [Member]
Depreciation expense	1,531	1,154	1,291
Selling, General and Administrative Expenses [Member] \| Retail Segment [Member]
Depreciation expense	6,736	6,612	5,970
Selling, General and Administrative Expenses [Member] \| Logistical Services [Member]
Depreciation expense	$ 4,331	$ 3,882	$ 2,366

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Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Goodwill, Impaired, Accumulated Impairment Loss	$ 0	$ 0	$ 0
Amortization of Intangible Assets	$ 322	$ 322	$ 268

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Note 8 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Nov. 26, 2016
Intangibles subject to amortization, Gross Carrying Amount	$ 3,872	$ 3,872
Intangibles subject to amortization, Accumulated Amortization	(911)	(590)
Intangibles subject to amortization, Intangible Assets, Net	2,961	3,282
Trade names	2,490	2,490
Goodwill	11,900	11,588
Total goodwill and other intangible assets	18,262	17,950
Total goodwill and other intangible assets	17,351	17,360
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,038	3,038
Intangibles subject to amortization, Accumulated Amortization	(574)	(371)
Intangibles subject to amortization, Intangible Assets, Net	2,464	2,667
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(337)	(219)
Intangibles subject to amortization, Intangible Assets, Net	$ 497	$ 615

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Note 8 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Balance	$ 11,588	$ 11,588
Changes during fiscal 2016 (none)
Goodwill arising from store acquisition (Note 3)	312
Balance	11,900	11,588
Wholesale Segment [Member]
Balance	4,839	4,839
Changes during fiscal 2016 (none)
Goodwill arising from store acquisition (Note 3)	206
Balance	5,045	4,839
Retail Segment [Member]
Balance	1,820	1,820
Changes during fiscal 2016 (none)
Goodwill arising from store acquisition (Note 3)	106
Balance	1,926	1,820
Logistical Services [Member]
Balance	4,929	4,929
Changes during fiscal 2016 (none)
Goodwill arising from store acquisition (Note 3)
Balance	$ 4,929	$ 4,929

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Note 8 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Nov. 26, 2016
Fiscal 2018	$ 322
Fiscal 2019	322
Fiscal 2020	322
Fiscal 2021	322
Fiscal 2022	223
Thereafter	1,450
Total	$ 2,961	$ 3,282

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Note 9 - Unconsolidated Affiliated Companies (Details Textual) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 02, 2015	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015	Feb. 01, 2015
Income (Loss) from Equity Method Investments				$ 220
Shipping, Handling and Transportation Costs				$ 6,863
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage					49.00%
Equity Method Investments	$ 9,480
Income (Loss) from Equity Method Investments	$ 220
International Market Centers, L.P. [Member]
Cost Method Investments			1,000
Proceeds from Sale of Long-term Investments		1,954
Cost-method Investments, Realized Gains		954
Minority Interest in Privately-held, Start-up Provider of Property and Casualty Insurance [Member]
Proceeds from Sale of Long-term Investments		3,592
Cost-method Investments, Realized Gains		$ 3,267
Cost Method Investments, Original Cost			$ 325

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Note 10 - Notes Payable and Bank Credit Facility (Details Textual) $ in Thousands		12 Months Ended
	Feb. 02, 2015 USD ($)	Nov. 25, 2017 USD ($)	Nov. 26, 2016 USD ($)	Nov. 28, 2015 USD ($)	Dec. 05, 2015 USD ($)
Long-term Debt, Current Maturities		$ 3,405	$ 3,290
Long-term Debt		3,734	7,111
Interest Paid, Net		139	353	$ 277
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 15,000
Letters of Credit Outstanding, Amount		2,249
Line of Credit Facility, Remaining Borrowing Capacity		12,751
Bank Two [Member]
Letters of Credit Outstanding, Amount		511
Real Estate Notes Payable Operated in Retail Segment [Member]
Long-term Debt, Current Maturities		$ 418	385
Debt Instrument, Interest Rate, Stated Percentage		6.73%
Long-term Debt		$ 747	1,219
Real Estate Notes Payable Operated in Retail Segment [Member] \| Financed Through Commercial Mortgages [Member]
Debt Instrument, Collateral Amount		5,727	5,858
Zenith Freight Lines [Member] \| Unsecured Debt [Member]
Debt Instrument, Face Amount	$ 9,000
Debt Instrument, Number of Annual Payments	3
Debt Instrument, Periodic Payment	$ 3,000
Amortization of Debt Discount (Premium)		95	204	$ 252
Long-term Debt, Current Maturities		$ 2,987	$ 2,904

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Note 10 - Notes Payable and Bank Credit Facility - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Nov. 26, 2016
Principal Balance	$ 3,747	$ 7,219
Unamortized Discount	(13)	(108)
Net Carrying Amount	3,734	7,111
Principal Balance, less current portion	(3,418)	(3,385)
Unamortized discount, current portion	13	95
Net Carrying Amount, less current portion	(3,405)	(3,290)
Principal Balance, excluding current portion	329	3,834
Unamortized discount, noncurrent portion		(13)
Notes payable	329	3,821
Zenith Note Payable [Member]
Principal Balance	3,000	6,000
Unamortized Discount	(13)	(108)
Net Carrying Amount	2,987	5,892
Real Estate Notes Payable [Member]
Principal Balance	747	1,219
Unamortized Discount
Net Carrying Amount	$ 747	$ 1,219

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Note 10 - Notes Payable and Bank Credit Facility - Maturities of Notes Payable (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Nov. 26, 2016
Fiscal 2018	$ 3,418
Fiscal 2019	329
Total repayments of principal	$ 3,747	$ 7,219

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Note 11 - Post-employment Benefit Obligations (Details Textual) $ in Thousands			12 Months Ended
	May 02, 2017 USD ($)	May 01, 2017	Nov. 25, 2017 USD ($)	Nov. 26, 2016 USD ($)	Nov. 28, 2015 USD ($)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax			$ 4,186	$ 4,150
Postemployment Benefits Liability, Noncurrent			$ 13,326	$ 12,760
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			25.00%	25.00%	20.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent			8.00%
Defined Contribution Plan, Cost			$ 1,068	$ 865	$ 662
Unfunded Deferred Compensation Plan [Member]
Pension Cost (Reversal of Cost)			216	228	$ 248
Postemployment Benefits Liability, Noncurrent			1,916	$ 1,969
Supplemental Employee Retirement Plan [Member]
Current Net Death Benefit			$ 2,829
Percent Of Final Average Compensation Provided By Supplemental Retirement Income Plan			65.00%
Death Benefit Percent Of Final Average Annual Compensation For Period of 120 Months			50.00%
Death Benefit Payment Term			10 years
Death Benefit Percent Of Final Average Annual Compensation Single Payment			200.00%
Management Savings Plan [member]
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Base Salary		75.00%
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Discretionary, Annual Incentive or Other Bonus		100.00%
Deferred Compensation Arrangement with Individual, Deferred Compensation, Annual installment Payments, Maximum Number of Years		15 years
Deferred Compensation Arrangement with Individual, Deferred Compensation, Scheduled Distributions, Maximum Number of Years		5 years
Deferred Compensation Arrangement with Individual, Compensation Expense			$ 55
Defined Benefit Plan, Fixed Future Benefit Award	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Defined Benefit Plan, Benefit Obligation, Number of Annual Installments	10
Payment to Acquire Life Insurance Policy, Operating Activities			431
Current Net Death Benefit			$ 14,998

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Note 11 - Post-employment Benefit Obligations - Plan Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Change in Benefit Obligation:
Projected benefit obligation	$ 11,863	$ 11,678
Service cost	1,117	146
Interest cost	449	423	$ 374
Actuarial (gains) losses	(447)	165
Benefits paid	(660)	(549)
Projected benefit obligation	12,322	11,863	$ 11,678
Accumulated Benefit Obligation	$ 11,531	$ 11,138
Discount rate used to value the ending benefit obligations:	3.50%	3.75%
Amounts recognized in the consolidated balance sheet:
Current liabilities	$ 778	$ 776
Noncurrent liabilities	11,544	11,087
Total amounts recognized	12,322	11,863
Amounts recognized in accumulated other comprehensive income:
Transition obligation	42	85
Prior service cost	858
Actuarial loss	3,286	4,065
Net amount recognized	4,186	4,150
Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$ 1,119	$ 734

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Note 11 - Post-employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Components of Net Periodic Pension Cost:
Service cost	$ 186	$ 146	$ 105
Interest cost	449	423	374
Amortization of transition obligation	42	42	42
Amortization of prior service cost	73
Amortization of other loss	332	323	195
Net periodic pension cost	$ 1,082	$ 934	$ 716
Discount rate	3.75%	3.75%	3.75%
Increase in future compensation levels	3.00%	3.00%	3.00%

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Note 11 - Post-employment Benefit Obligations - Estimated Future Benefit Payments (Details) $ in Thousands	Nov. 26, 2016 USD ($)
Fiscal 2018	$ 778
Fiscal 2019	735
Fiscal 2020	691
Fiscal 2021	649
Fiscal 2022	999
Fiscal 2023 through 2027	$ 4,248

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Note 11 - Post-employment Benefit Obligations - Amounts Expected to be Recognized in Next Fiscal Year (Details) $ in Thousands	Nov. 25, 2017 USD ($)
Transition obligation	$ 42
Prior service cost	126
Other loss	261
Total expected to be amortized to net periodic pension cost in 2018	$ 429

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Note 12 - Accumulated Other Comprehensive Loss - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Balance	$ 180,705	$ 177,366
Balance	191,460	180,705
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(2,553)	(2,678)
OCI, before Reclassifications, before Tax, Attributable to Parent		(165)
Net pension amortization reclassified from accumulated other comprehensive loss	447	366
Tax effects	20	(76)
Balance	(2,570)	$ (2,553)
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]
OCI, before Reclassifications, before Tax, Attributable to Parent	(932)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
OCI, before Reclassifications, before Tax, Attributable to Parent	$ 448

XML 94 R81.htm IDEA: XBRL DOCUMENT

Note 13 - Capital Stock and Stock Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	Mar. 08, 2017	Jan. 10, 2017	Mar. 31, 2017	Dec. 31, 2000	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015	Dec. 31, 1997
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price					$ 8.02	$ 10.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term					3 years 219 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value					$ 366
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares					0
Payments Related to Tax Withholding for Share-based Compensation					$ 641	$ 77	$ 178
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount					554	$ 87
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation							$ 1,998
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized					$ 910
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					2 years
Stock Issued During Period, Shares, Employee Stock Purchase Plans					6,275	8,502	19,053
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		36,000			42,538
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					66,414
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount					$ 366	$ 46
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation							$ 99
Restricted Stock [Member] \| Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	6,538
Restricted Stock [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					60,600
Shares Paid for Tax Withholding for Share Based Compensation					21,210	2,940	4,836
Payments Related to Tax Withholding for Share-based Compensation					$ 641	$ 77	$ 154
Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					5,814
The 1997 Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance								950,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized				500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant						0
The 2010 Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance					1,250,000
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant					243,725
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent			85.00%	85.00%

XML 95 R82.htm IDEA: XBRL DOCUMENT

Note 13 - Capital Stock and Stock Compensation - Compensation Expense Related to Restricted Stock and Stock Options Included in Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Selling, General and Administrative Expenses [Member]
Stock based compensation expense	$ 1,028	$ 903	$ 894

XML 96 R83.htm IDEA: XBRL DOCUMENT

Note 13 - Capital Stock and Stock Compensation - Changes in Outstanding Options (Details)	12 Months Ended
	Nov. 25, 2017 $ / shares shares
Outstanding, Shares (in shares) \| shares	66,250
Outstanding, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 10.57
Exercised, Shares (in shares) \| shares	(26,500)
Exercised, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 11.68
Forfeited/Expired, Shares (in shares) \| shares	(28,000)
Forfeited/Expired, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 10.60
Outstanding, Shares (in shares) \| shares	11,750
Outstanding, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 8.02
Exercisable, Shares (in shares) \| shares	11,750
Exercisable, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 8.02

XML 97 R84.htm IDEA: XBRL DOCUMENT

Note 13 - Capital Stock and Stock Compensation - Additional Information Regarding Activity in Stock Options (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 25, 2017

Nov. 26, 2016

Nov. 28, 2015

Total intrinsic value of options exercised

$ 564

$ 124

$ 5,934

Total fair value of options vested

Total cash received from the exercise of options

310

114

4,031

Excess tax benefits recognized as additional paid-in capital upon the exercise of options (1)

1,998

Excess tax benefits recognized in income tax expense upon the exercise of options

554

Employee Stock Option [Member]

Excess tax benefits recognized as additional paid-in capital upon the exercise of options (1)

^[1]

1,899

Excess tax benefits recognized in income tax expense upon the exercise of options

$ 188

$ 41

[1]	Prior to the adoption of ASU 2016-09 in fiscal 2016. Subsequent to adoption, all excess tax benefits are included as a component of the provision for income taxes.

XML 98 R85.htm IDEA: XBRL DOCUMENT

Note 13 - Capital Stock and Stock Compensation - Changes in Non-vested Options (Details) - $ / shares		12 Months Ended
	Jan. 10, 2017	Nov. 25, 2017
Granted (in dollars per share)
Non-vested restricted shares outstanding at November 25, 2017 (in shares)		99,138
Restricted Stock [Member]
Non-vested restricted shares outstanding at November 26, 2016 (in shares)		123,014
Non-vested restricted shares outstanding at November 26, 2016 (in dollars per share)		$ 17.99
Granted (in shares)	36,000	42,538
Granted (in dollars per share)		$ 28.70
Vested (in shares)		(66,414)
Vested (in dollars per share)		$ 16.07
Forfeited (in shares)
Forfeited (in dollars per share)
Non-vested restricted shares outstanding at November 25, 2017 (in shares)		99,138
Non-vested restricted shares outstanding at November 25, 2017 (in dollars per share)		$ 23.87

XML 99 R86.htm IDEA: XBRL DOCUMENT

Note 13 - Capital Stock and Stock Compensation - Restricted Stock Awards (Details) - $ / shares	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Restricted Shares Outstanding (in shares)	99,138
Granted (in dollars per share)
Remaining Restriction Period (Year)
Restricted Stock [Member]
Restricted Shares Outstanding (in shares)	99,138	123,014
Granted (in dollars per share)	$ 28.70
Restricted Stock [Member] \| July 17, 2013 [Member]
Restricted Shares Outstanding (in shares)	12,600
Granted (in dollars per share)	$ 16.64
Remaining Restriction Period (Year)	219 days
Restricted Stock [Member] \| January 14, 2015 [Member]
Restricted Shares Outstanding (in shares)	40,000
Granted (in dollars per share)	$ 20.21
Remaining Restriction Period (Year)	36 days
Restricted Stock [Member] \| July 14, 2015 [Member]
Restricted Shares Outstanding (in shares)	2,000
Granted (in dollars per share)	$ 38.02
Remaining Restriction Period (Year)	219 days
Restricted Stock [Member] \| July 12, 2016 [Member]
Restricted Shares Outstanding (in shares)	2,000
Granted (in dollars per share)	$ 25.88
Remaining Restriction Period (Year)	219 days
Restricted Stock [Member] \| January 10, 2017 [Member]
Restricted Shares Outstanding (in shares)	36,000
Granted (in dollars per share)	$ 29.05
Remaining Restriction Period (Year)	2 years 36 days
Restricted Stock [Member] \| March 8, 2017 [Member]
Restricted Shares Outstanding (in shares)	6,538
Granted (in dollars per share)	$ 26.77
Remaining Restriction Period (Year)	109 days

XML 100 R87.htm IDEA: XBRL DOCUMENT

Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	$ 554	$ 87
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation			$ 1,998
Deferred Tax Assets, Valuation Allowance	0	0		$ 70
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			70
Income Taxes Paid, Net	7,516	9,949	5,906
Unrecognized Tax Benefits Interest Expense Recovery	10	15	(144)
Unrecognized Tax Benefits Income Tax Penalties Expense Recovery	11	$ 10	$ 3
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 4,856
State and Local Jurisdiction [Member] \| Earliest Tax Year [Member]
Operating Loss Carryforwards, Expiration Year	2021
State and Local Jurisdiction [Member] \| Latest Tax Year [Member]
Operating Loss Carryforwards, Expiration Year	2027

XML 101 R88.htm IDEA: XBRL DOCUMENT

Note 14 - Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Current:
Federal	$ 7,887	$ 3,728	$ 7,972
State	2,035	896	1,533
Deferred:
Increase (decrease) in valuation allowance			(70)
Federal	(200)	4,559	1,520
State	(102)	765	480
Total	$ 9,620	$ 9,948	$ 11,435

XML 102 R89.htm IDEA: XBRL DOCUMENT

Note 14 - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details)	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Statutory federal income tax rate	35.00%	35.00%	35.00%
Change in income tax valuation allowance			(0.10%)
Change in income tax reserves			0.10%
State income tax, net of federal benefit	3.90%	4.20%	4.40%
Benefit of goodwill basis difference			(3.20%)
Excess tax benefits from stock-based compensation	(1.80%)	(0.30%)
Other	(2.60%)	(0.30%)	(0.30%)
Effective income tax rate	34.50%	38.60%	35.90%

XML 103 R90.htm IDEA: XBRL DOCUMENT

Note 14 - Income Taxes - Income Tax Effects of Temporary Differences and Carryforwards (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Nov. 26, 2016	Nov. 29, 2014
Deferred income tax assets:
Trade accounts receivable	$ 239	$ 307
Inventories	2,606	2,407
Notes receivable	550	562
Post employment benefit obligations	5,555	5,338
State net operating loss carryforwards	583	731
Unrealized loss from affiliates	69	217
Net deferred rents	3,906	3,112
Other	1,878	2,005
Gross deferred income tax assets	15,386	14,679
Valuation allowance	0	0	$ (70)
Total deferred income tax assets	15,386	14,679
Deferred income tax liabilities:
Property and equipment	5,426	5,179
Intangible assets	1,185	1,012
Prepaid expenses and other	382	417
Total deferred income tax liabilities	6,993	6,608
Net deferred income tax assets	$ 8,393	$ 8,071

XML 104 R91.htm IDEA: XBRL DOCUMENT

Note 14 - Income Taxes - Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Balance	$ 55	$ 12	$ 1,236
Gross increases	46	43	12
Gross decreases due to settlements			(1,236)
Balance	$ 101	$ 55	$ 12

XML 105 R92.htm IDEA: XBRL DOCUMENT

Note 15 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Aug. 26, 2017	Aug. 27, 2016	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Gain (Loss) on Disposition of Property Plant Equipment			$ 1,190	$ 128	$ (334)
Proceeds from Sale of Property, Plant, and Equipment			4,474	667	2,981
Litigation Settlement, Amount Awarded from Other Party		$ 1,428		1,428
Asset Impairment Charges					106
Gain (Loss) on Contract Termination					(419)
Restructuring Charges					449
Employee Severance [Member]
Restructuring Charges			0	0	449
Leasehold Improvements [Member]
Asset Impairment Charges			0	0	106
Gain (Loss) on Contract Termination					$ (419)
Antitrust Litigation Settlement [Member]
Proceeds from Legal Settlements				$ 1,428
Former Retail Store, Las Vegas, Nevada [Member]
Gain (Loss) on Disposition of Property Plant Equipment	$ 1,220
Proceeds from Sale of Property, Plant, and Equipment			4,335
Selling, General and Administrative Expenses [Member] \| Former Retail Store, Las Vegas, Nevada [Member]
Gain (Loss) on Disposition of Property Plant Equipment			$ 1,220

XML 106 R93.htm IDEA: XBRL DOCUMENT

Note 16 - Income from the Continued Dumping and Subsidy Offset Act (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 25, 2017	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Income from Continued Dumping and Subsidy Offset Act	$ 58	$ 94	$ 240	$ 1,156

XML 107 R94.htm IDEA: XBRL DOCUMENT

Note 17 - Leases and Lease Guarantees (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Operating Leases, Rent Expense	$ 34,372	$ 31,867	$ 26,382
Accrued Rent	4,821	3,708
Real Estate Rental Income (Loss), Net of Expense	(48)	(59)	$ (181)
Loss Contingency, Estimate of Possible Loss	2,717	1,865
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 2,743	$ 1,868
Minimum [Member]
Lease Guarantees Term	1 year
Minimum [Member] \| Retail Stores [Member]
Operating Lease, Lease Term	1 year
Renewal Term On Operating Lease	5 years
Minimum [Member] \| Transportation Equipment Leases [Member]
Operating Lease, Lease Term	2 years
Maximum [Member]
Lease Guarantees Term	3 years
Maximum [Member] \| Retail Stores [Member]
Operating Lease, Lease Term	15 years
Renewal Term On Operating Lease	15 years
Maximum [Member] \| Transportation Equipment Leases [Member]
Operating Lease, Lease Term	7 years

XML 108 R95.htm IDEA: XBRL DOCUMENT

Note 17 - Leases and Lease Guarantees - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) $ in Thousands	Nov. 25, 2017 USD ($)
Fiscal 2018	$ 29,552
Fiscal 2019	27,643
Fiscal 2020	25,136
Fiscal 2021	20,926
Fiscal 2022	17,907
Thereafter	52,773
Total future minimum lease payments	173,937
Retail Stores [Member]
Fiscal 2018	22,426
Fiscal 2019	22,541
Fiscal 2020	21,072
Fiscal 2021	18,212
Fiscal 2022	15,424
Thereafter	50,743
Total future minimum lease payments	150,418
Distribution Centers [Member]
Fiscal 2018	4,127
Fiscal 2019	2,735
Fiscal 2020	1,960
Fiscal 2021	1,545
Fiscal 2022	1,520
Thereafter	1,776
Total future minimum lease payments	13,663
Transportation Equipment Leases [Member]
Fiscal 2018	2,999
Fiscal 2019	2,367
Fiscal 2020	2,104
Fiscal 2021	1,169
Fiscal 2022	963
Thereafter	254
Total future minimum lease payments	$ 9,856

XML 109 R96.htm IDEA: XBRL DOCUMENT

Note 17 - Leases and Lease Guarantees - Minimum Future Rental Income (Details) $ in Thousands	Nov. 25, 2017 USD ($)
Fiscal 2018	$ 1,653
Fiscal 2019	1,669
Fiscal 2020	1,616
Fiscal 2021	781
Fiscal 2022	422
Thereafter	106
Total minimum future rental income	$ 6,247

XML 110 R97.htm IDEA: XBRL DOCUMENT

Note 19 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 25, 2017

^[1]

Aug. 26, 2017

^[2]

May 27, 2017

^[3]

Feb. 25, 2017

Nov. 26, 2016

^[4]

Aug. 27, 2016

^[5]

May 28, 2016

Feb. 27, 2016

Nov. 25, 2017

Nov. 26, 2016

Nov. 28, 2015

Numerator:

Net income

$ 4,974

$ 4,579

$ 5,842

$ 2,861

$ 5,045

$ 4,165

$ 3,385

$ 3,234

$ 18,256

$ 15,829

$ 20,433

Denominator:

Denominator for basic income per share - weighted average shares (in shares)

10,649,225

10,732,217

10,701,829

Effect of dilutive securities (in shares)

82,850

130,204

141,198

Denominator for diluted income per share — weighted average shares and assumed conversions (in shares)

10,732,075

10,862,421

10,843,027

Basic income per share:

Net income per share — basic (in dollars per share)

$ 0.46

$ 0.43

$ 0.55

$ 0.27

$ 0.47

$ 0.39

$ 0.31

$ 0.30

$ 1.71

$ 1.47

$ 1.91

Diluted income per share:

Net income per share — diluted (in dollars per share)

$ 0.46

$ 0.43

$ 0.54

$ 0.27

$ 0.47

$ 0.38

$ 0.31

$ 0.30

$ 1.70

$ 1.46

$ 1.88

[1]	Net income includes a gain of $591 from the disposition of our interest in IMC, net of related income tax effects of approximately $363 (see Note 9), and income of $58 from the CDSOA, net of related income tax effects of approximately $36 (see Note 16).
[2]	Income from operations included a gain of $1,220 from the sale of our Las Vegas, Nevada retail store (see Note 15).
[3]	Net income includes a gain of $2,026 from the sale of an investment, net of related income tax effects of approximately $1,241 (see Note 9).
[4]	Net income includes income of $148 from the CDSOA, net of related income tax effects of approximately $92 (see Note 16).
[5]	Income from operations includes the benefit of a $1,428 award received from the settlement of class action litigation (see Note 15).

XML 111 R98.htm IDEA: XBRL DOCUMENT

Note 19 - Earnings Per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Restricted Stock [Member]
Antidilutive securities (in shares)		7,814	8,354

XML 112 R99.htm IDEA: XBRL DOCUMENT

Note 20 - Segment Information (Details Textual) $ in Thousands	10 Months Ended	12 Months Ended
	Nov. 28, 2015 USD ($)	Nov. 25, 2017 USD ($)	Nov. 26, 2016 USD ($)	Nov. 28, 2015 USD ($)
Number of Reportable Segments		3
SGA Expenses Excluding New Store Pre-opening Costs		$ 245,493	$ 235,178	$ 224,050
Zenith Freight Lines [Member]
SGA Expenses Excluding New Store Pre-opening Costs	$ 73,722	$ 94,616	$ 92,196

XML 113 R100.htm IDEA: XBRL DOCUMENT

Note 20 - Segment Information - Segment Information by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 25, 2017

Aug. 26, 2017

^[2]

May 27, 2017

^[3]

Feb. 25, 2017

Nov. 26, 2016

Aug. 27, 2016

^[5]

May 28, 2016

Feb. 27, 2016

Nov. 25, 2017

Nov. 26, 2016

Nov. 28, 2015

$ 118,225

^[1]

$ 114,261

$ 114,125

$ 105,892

$ 113,786

^[4]

$ 104,712

$ 106,667

$ 106,873

$ 452,503

$ 432,038

$ 430,927

Management restructuring costs

7,494

^[1]

$ 7,260

$ 7,600

$ 4,664

9,009

^[4]

$ 7,540

$ 5,853

$ 5,791

27,018

28,193

25,989

Lease exit costs

(419)

Asset impairment charges

(106)

(449)

13,312

12,249

10,137

15,500

21,501

13,974

Operating Segments [Member] | Wholesale Segment [Member]

293,748

278,267

293,748

278,267

282,543

249,193

240,346

252,180

19,121

18,672

15,618

2,648

2,053

2,075

Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]

152,181

139,477

152,181

139,477

146,878

Operating Segments [Member] | Company-owned Retail Stores [Member]

4,875

7,232

4,898

268,264

254,667

249,379

3,490

4,333

6,170

Operating Segments [Member] | Company-owned Retail Stores [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]

6,011

5,992

5,428

Operating Segments [Member] | Logistical Services [Member]

8,086

5,115

7,077

97,578

95,707

77,250

2,962

3,511

3,528

4,653

4,204

2,634

Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]

52,296

49,935

52,296

49,935

46,787

Operating Segments [Member] | Retail Segment [Member]

2,539

9,154

1,999

Intersegment Eliminations [Member]

$ 89,271

$ 88,855

89,271

88,855

88,878

Intersegment Eliminations [Member] | Logistical Services [Member]

1,445

1,677

1,647

Intersegment Eliminations [Member] | Furniture and Accessories [Member]

(43,172)

(40,865)

(33,728)

Furniture and accessories

$ (119,360)

$ (117,817)

$ (114,154)

[1]	Net income includes a gain of $591 from the disposition of our interest in IMC, net of related income tax effects of approximately $363 (see Note 9), and income of $58 from the CDSOA, net of related income tax effects of approximately $36 (see Note 16).
[2]	Income from operations included a gain of $1,220 from the sale of our Las Vegas, Nevada retail store (see Note 15).
[3]	Net income includes a gain of $2,026 from the sale of an investment, net of related income tax effects of approximately $1,241 (see Note 9).
[4]	Net income includes income of $148 from the CDSOA, net of related income tax effects of approximately $92 (see Note 16).
[5]	Income from operations includes the benefit of a $1,428 award received from the settlement of class action litigation (see Note 15).

XML 114 R101.htm IDEA: XBRL DOCUMENT

Note 20 - Segment Information - Breakdown of Wholesale Sales by Product Category (Details)	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Percent of wholesale sales	100.00%	100.00%	100.00%
Wood [Member]
Percent of wholesale sales	35.00%	37.00%	37.00%
Upholstery [Member]
Percent of wholesale sales	65.00%	63.00%	63.00%

XML 115 R102.htm IDEA: XBRL DOCUMENT

Note 21 - Quarterly Results of Operations (Details Textual) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Nov. 25, 2017	Aug. 26, 2017	May 27, 2017	Nov. 26, 2016	Aug. 27, 2016	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Gain on Sale of Investments			$ 2,026
Sale of Investments, Tax			1,241
Impairment of Real Estate, Net			672
Impairment of Real Estate, Tax Benefit			$ 412
Gain (Loss) on Disposition of Property Plant Equipment						$ 1,190	$ 128	$ (334)
Income from Continued Dumping and Subsidy Offset Act	$ 58					94	240	1,156
Income Tax Expense (Benefit), Effect from Continued Dumping and Subsidy Offset Act	36
Litigation Settlement, Amount Awarded from Other Party					$ 1,428		1,428
Income from Continued Dumping and Subsidy Offset Act, Net				$ 148
Income Tax Expense (Benefit)						$ 9,620	$ 9,948	$ 11,435
Continued Dumping & Subsidy Offset Act [Member]
Income Tax Expense (Benefit)				$ 92
International Market Centers, L.P. [Member]
Gain on Sale of Investments	591
Sale of Investments, Tax	$ 363
Former Retail Store, Las Vegas, Nevada [Member]
Gain (Loss) on Disposition of Property Plant Equipment		$ 1,220

XML 116 R103.htm IDEA: XBRL DOCUMENT

Note 21 - Quarterly Results of Operations - Quarterly Results of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 25, 2017

^[3]

Aug. 26, 2017

^[1]

May 27, 2017

^[2]

Feb. 25, 2017

Nov. 26, 2016

^[4]

Aug. 27, 2016

^[5]

May 28, 2016

Feb. 27, 2016

Nov. 25, 2017

Nov. 26, 2016

Nov. 28, 2015

Sales revenue:

$ 103,953

^[1],[2]

$ 100,152

^[2],[3]

$ 100,294

^[1],[3]

$ 93,698

^[1],[2],[3]

$ 100,339

$ 91,465

$ 92,990

$ 92,402

$ 398,097

$ 377,196

$ 387,405

Logistics

14,272

14,109

13,831

12,194

13,447

13,247

13,677

14,471

54,406

54,842

43,522

Total sales revenue

118,225

114,261

114,125

105,892

113,786

104,712

106,667

106,873

452,503

432,038

430,927

Cost of furniture and accessories sold

45,380

45,320

44,981

41,898

43,023

40,091

42,419

41,986

177,579

167,519

179,291

Income from operations

7,494

7,260

7,600

4,664

9,009

7,540

5,853

5,791

27,018

28,193

25,989

Net income

$ 4,974

$ 4,579

$ 5,842

$ 2,861

$ 5,045

$ 4,165

$ 3,385

$ 3,234

$ 18,256

$ 15,829

$ 20,433

Basic income per share (in dollars per share)

$ 0.46

$ 0.43

$ 0.55

$ 0.27

$ 0.47

$ 0.39

$ 0.31

$ 0.30

$ 1.71

$ 1.47

$ 1.91

Diluted income per share (in dollars per share)

$ 0.46

$ 0.43

$ 0.54

$ 0.27

$ 0.47

$ 0.38

$ 0.31

$ 0.30

$ 1.70

$ 1.46

$ 1.88

[1]	Income from operations included a gain of $1,220 from the sale of our Las Vegas, Nevada retail store (see Note 15).
[2]	Net income includes a gain of $2,026 from the sale of an investment, net of related income tax effects of approximately $1,241 (see Note 9).
[3]	Net income includes a gain of $591 from the disposition of our interest in IMC, net of related income tax effects of approximately $363 (see Note 9), and income of $58 from the CDSOA, net of related income tax effects of approximately $36 (see Note 16).
[4]	Net income includes income of $148 from the CDSOA, net of related income tax effects of approximately $92 (see Note 16).
[5]	Income from operations includes the benefit of a $1,428 award received from the settlement of class action litigation (see Note 15).

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Note 22 - Subsequent Events (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Dec. 21, 2017	Nov. 24, 2018	Nov. 25, 2017	Nov. 26, 2016	Nov. 28, 2015
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%	35.00%	35.00%
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%
Certain Operating Assets of Lane Venture [Member] \| Subsequent Event [Member]
Payments to Acquire Businesses, Gross	$ 15,556

XML 118 R105.htm IDEA: XBRL DOCUMENT

Schedule II - Analysis of Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 25, 2017

Nov. 26, 2016

Nov. 28, 2015

Allowance for Doubtful Accounts [Member]

Balance Beginning of Period

$ 799

$ 1,175

$ 1,249

(182)

(376)

(216)

Deductions

^[1]

(67)

Other

209

^[2]

Balance End of Period

617

799

1,175

Allowance for Notes Receivable [Member]

(182)

(376)

(216)

Balance Beginning of Period

1,454

4,646

4,139

582

Deductions

^[1]

(3,192)

(75)

Other

^[3]

Balance End of Period

1,454

4,646

Income Tax Valuation Allowance [Member]

582

Balance Beginning of Period

Deductions

^[1]

(70)

Other

Balance End of Period