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Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The unaudited pro forma consolidated financial statements of Bassett Furniture Industries, Incorporated (“Bassett”) consist of a condensed consolidated balance sheet at November 27, 2021 and condensed consolidated statements of operations for years ended November 27, 2021, November 28, 2020 and November 30, 2019, which reflect Bassett’s recently completed sale of substantially all of the assets of its wholly-owned subsidiary Zenith Freight Lines, LLC (“Zenith”) to J.B. Hunt Transport, Inc. (“J.B. Hunt”). The unaudited pro forma condensed consolidated financial statements included herein have been derived from the audited financial statements of Bassett as of and for the three years ended November 27, 2021. 

On January 31, 2022, Bassett and Zenith entered into a material definitive agreement with J.B. Hunt by which Bassett has sold substantially all of Zenith’s assets to J.B. Hunt for $86,939 in cash subject to certain potential post-closing adjustments as described in the agreement. The completion of the transaction occurred on February 28, 2022. Concurrent with the closing, Bassett and J.B. Hunt have entered into a long-term Master Transportation Agreement whereby J.B. Hunt will continue to provide Bassett those services currently provided by Zenith.

The pro forma adjustments have been prepared as if the disposition of Zenith’s assets occurred on November 27, 2021 in the case of the unaudited pro forma condensed consolidated balance sheet and on November 29, 2020 in the case of the unaudited pro forma consolidated statement of operations for the year ended November 27, 2021. The unaudited pro forma consolidated statements of operations for the years ended November 28, 2020 and November 30, 2019 reflect the removal of historical revenues and expenses associated with the operations of Zenith for those periods. The unaudited pro forma consolidated financial statements should be read in conjunction with the related notes, which are included herein, and the financial statements and notes included in Bassett’s Annual Report on Form 10-K for the year ended November 27, 2021.

The pro forma condensed combined financial statements do not necessarily reflect what the Bassett’s financial condition or results of operations would have been had the disposition occurred on the dates indicated. They also may not be useful in predicting the future financial condition and results of operations of Bassett subsequent to the disposition. Bassett’s actual financial condition and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

See accompanying Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements.

See accompanying Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements.

See accompanying Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements.

See accompanying Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements.

Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements

                   The weighted average shares and effect of dilutive securities shown above are as originally reported for fiscal 2021, 2020 and 2019.

Exhibit 99.2

Bassett Furniture News Release

Bassett Finalizes the Sale of Zenith Assets to J.B. Hunt Transport

(Bassett, Va.) – March 1, 2022 – Bassett Furniture Industries, Inc. (NASDAQ: BSET) announced today that it has completed the sale of substantially all of the assets of Zenith Freight Lines, LLC, a wholly-owned subsidiary of Bassett, to a wholly-owned subsidiary of J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT), one of the largest supply chain solutions providers in North America. As previously announced, the sale price is approximately $87 million subject to a customary post-closing working capital true-up. Bassett and J.B. Hunt have also entered into a long-term agreement whereby J.B. Hunt commits to providing Bassett with the exceptional service Zenith has performed for Bassett for almost 50 years.

“We are excited to have the transaction completed and are ready to move forward with reaping the strategic benefits of partnering with J.B. Hunt to provide our middle-mile transportation and warehousing needs,” said Rob Spilman, Chairman and CEO. “We will provide additional information about our capital allocation strategy following our Board of Directors meeting next week.”

About Bassett Furniture Industries, Inc.

Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 96 company- and licensee-owned stores at the time of this release, Bassett has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. Bassett’s retail strategy includes stylish, custom-built furniture that features the latest on-trend furniture styles, free in-home design visits, and coordinated decorating accessories. Bassett also has a traditional wholesale business with more than 700 accounts on the open market, across the United States and internationally and a logistics business specializing in home furnishings. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)

Certain of the statements in this release, particularly those preceded by, followed by or including the words “believes,” “plans,” “expects,” “anticipates,” “intends,” “should,” “estimates,” or similar expressions, or those relating to or anticipating financial results or changes in operations for periods beyond the end of the fourth fiscal quarter of 2021, constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended. For those statements, Bassett claims the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. In many cases, Bassett cannot predict what factors would cause actual results to differ materially from those indicated in the forward looking statements. Expectations included in the forward-looking statements are based on preliminary information as well as certain assumptions which management believes to be reasonable at this time. The following important factors affect Bassett and could cause actual results to differ materially from those indicated in the forward looking statements: the effects of national and global economic or other conditions (including, without limitation, the effects on revenue, supply and demand resulting from the duration and extent of the COVID-19 pandemic) and future events on the retail demand for home furnishings and the ability of Bassett’s customers and consumers to obtain credit; the success of marketing, logistics, retail and other initiatives; and the economic, competitive, governmental and other factors identified in Bassett’s filings with the Securities and Exchange Commission. Any forward-looking statement that Bassett makes speaks only as of the date of such statement, and Bassett undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indication of future performance, unless expressed as such, and should only be viewed as historical data.