Key Developments For Bassett Furniture Industries Inc
Bassett Furniture Industries Inc (BSET.O) (Nasdaq)
Bassett Furniture Industries, Inc. Announces Plan To Close Fiberboard Facility
Bassett Furniture Industries, Inc. announced that it is closing its fiberboard facility in Bassett, Va. The plant, which began production in 1970, produces medium density fiberboard (MDF) made from wood fibers. The closure of the facility will occur by the end of the year, affecting approximately 45 employees.
Bassett Furniture Industries, Inc. Reports SEC Accounting Review Close To Completion
Bassett Furniture Industries, Inc. announced that its triennial accounting review by the Securities and Exchange Commission (SEC) is close to being completed. As previously announced, Bassett had received comment letters from the Commission during the second and third quarters of 2009, relating to Bassett's Form 10-K for the year ended November 29, 2008 and Form 10-Q for the quarter ended February 28, 2009. Due to the potential implications of these comments, the Company delayed its filing of its Form 10-Q for the quarter ended May 30, 2009. The Company worked very closely with its external auditors and with the Staff of the SEC in the reevaluation of the accounting policies and processes related to the questions raised by the SEC in its comment letters. As a result, the Company will restate its previously issued financial statements for the quarter ended February 28, 2009 and file an Amended Form 10-Q with the SEC.
Bassett Furniture Industries, Inc. Appoints J. Michael Daniel as Interim Chief Financial Officer-Form 8-K
Bassett Furniture Industries, Inc. announced in its Form 8-K that it has appointed J. Michael Daniel as Interim Chief Financial Officer (CFO).
Bassett Furniture Industries, Inc. Announces Workforce Reduction
Bassett Furniture Industries, Inc. announced actions to reduce its overall cost structure that will result in lower expenditures for payroll, employee benefits, warehousing and distribution, marketing, and other miscellaneous items. As a result, the Company expects to realize annualized savings of $7 to $8 million. Approximately 50 positions in departments throughout the Company will be affected including corporate retail, administration, customer service, manufacturing, and marketing resulting in an approximate 6% reduction in payroll.
Bassett Furniture Industries, Inc. Suspends Quarterly Dividend
Bassett Furniture Industries, Inc. announced that its Board of Directors did not declare a quarterly dividend for the second quarter of fiscal 2009, preserving approximately $1.1 million of cash in the quarter based on the quarterly dividend amount paid in December of 2008.
