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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
PIERCE, III, FRANK M
BASSETT FURNITURE INDUSTRIES, INC.
3525 FAIRYSTONE PARK HWY
P O BOX 626
BASSETT, VA 24055
USA
2. Date of Event Requiring Statement (Month/Day/Year)
MARCH 10, 1999
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Issuer Name and Ticker or Trading Symbol
BASSETT FURNITURE INDUSTRIES, INC.
BSET
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
EXECUTIVE VICE PRESIDENT-OPERATIONS
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
( ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
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COMMON STOCK |0 |D | |
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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*OPTION (RIGHT TO BUY) |2-12-02 |2-11-09 |COMMON |40,000 |20.50 |D | |
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Explanation of Responses:
*GRANTED UNDER THE 1997 EMPLOYEE STOCK
PLAN.
SIGNATURE OF REPORTING PERSON
FRANK M. PIERCE, III
DATE
MARCH 10, 1999