Profile: Bassett Furniture Industries Inc (BSET.OQ)

Bassett Furniture Industries, Incorporated (Bassett), incorporated in September 4, 1930, is a vertically integrated manufacturer, importer and retailer of home furnishings. The Company operates in three segments: Wholesale, Retail and Investments/Real Estate. The Company’s range of furniture products and accessories are sold through a network of 86 retail stores known as Bassett Home Furnishings (BHF). The Company owns and operates 53 stores (Company-owned retail stores) with the other 33 being independently owned (licensee operated). The Company also distributes its products through other multi-line furniture stores, many of which feature Bassett galleries or design centers, specialty stores and mass merchants. During the fiscal year ended November 24, 2012, the Company acquired one store located in Knoxville, Tennessee and two stores in the Orange County, California market.

Wholesale Segment

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 retail stores) and independent furniture retailers.

Retail Segment

The Company's retail segment consisted of 53 Company-owned stores. The Company’s Retail Segment accounted for 48%, of total net sales during the fiscal year ended November 24, 2012.

Investments/Real Estate

The Company’s investments/real estate business segment consists of its holdings of retail real estate leased or previously leased as licensee stores, the equity investment in Zenith Freight Lines, LLC (Zenith), which hauls freight and warehouses inventory for the Company, and International Home Furnishings Center, Inc. (IHFC). The Company also holds an interest in the Fortress Value Recovery Fund I, LLC (Fortress).