Note 1 - Description of Business

12 Months Ended

Nov. 24, 2018

Notes to Financial Statements

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

1. Description of Business

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

97

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

97

stores, the Company owns and operates

65

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

32

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

We sourced approximately

27%

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

five

 domestic manufacturing facilities.

Lane Venture

Acquisition

On

December 21, 2017,

we purchased certain assets and assumed certain liabilities of Lane Venture from Heritage Home Group, LLC. Lane Venture is being operated as a component of our wholesale segment (see Note

3,

Business Combinations). Results of operations for the Lane Venture business are included in our consolidated statements of income since the date of acquisition.