View Filing Data

Print Document View Excel Document

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Nov. 28, 2015	Jan. 08, 2016	May 30, 2015
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES INC
Entity Central Index Key	0000010329
Trading Symbol	bset
Current Fiscal Year End Date	--11-28
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		10,870,858
Entity Public Float			$ 308,300,086
Document Type	10-K
Document Period End Date	Nov. 28, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($)	Nov. 28, 2015	Nov. 29, 2014
Current assets
Cash and cash equivalents	$ 36,268,000	$ 26,673,000
Short-term investments	23,125,000	23,125,000
Accounts receivable, net of allowance for doubtful accounts of $1,175 and $1,249 as of November 28, 2015 and November 29, 2014, respectively	21,197,000	15,228,000
Inventories	59,896,000	57,272,000
Other current assets	6,798,000	7,796,000
Total current assets	147,284,000	130,094,000
Property and equipment, net	96,104,000	74,812,000
Other long-term assets
Deferred income taxes, net	13,471,000	14,969,000
Goodwill and other intangible assets	17,682,000	1,730,000
Other	8,002,000	19,141,000
Total other long-term assets	39,155,000	35,840,000
Total assets	282,543,000	240,746,000
Current liabilities
Accounts payable	20,916,000	22,251,000
Accrued compensation and benefits	14,345,000	8,931,000
Customer deposits	23,999,000	22,202,000
Dividends payable	2,184,000	2,102,000
Current portion of long-term debt	5,273,000	316,000
Other accrued liabilities	13,133,000	10,971,000
Total current liabilities	79,850,000	66,773,000
Long-term liabilities
Post employment benefit obligations	12,694,000	11,498,000
Notes payable	8,500,000	1,902,000
Other long-term liabilities	4,133,000	3,741,000
Total long-term liabilities	25,327,000	17,141,000
Commitments and Contingencies
Stockholders’ equity
Common stock, $5 par value; 50,000,000 shares authorized; issued and outstanding 10,916,021 at November 28, 2015 and 10,493,393 at November 29, 2014	54,580,000	52,467,000
Retained earnings	120,904,000	106,339,000
Additional paid-in-capital	4,560,000
Accumulated other comprehensive loss	(2,678,000)	(1,974,000)
Total stockholders' equity	177,366,000	156,832,000
Total liabilities and stockholders’ equity	$ 282,543,000	$ 240,746,000

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
Allowance for doubtful accounts	$ 1,175	$ 1,249
Common stock, par value (in dollars per share)	$ 5	$ 5
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	10,916,021	10,493,393
Common stock, outstanding (in shares)	10,916,021	10,493,393

Consolidated Statements of Income - USD ($)	12 Months Ended
Consolidated Statements of Income - USD ($)	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Sales revenue:
Furniture and accessories	$ 387,405,000	$ 340,738,000	$ 321,286,000
Logistics	43,522,000
Total sales revenue	430,927,000	340,738,000	321,286,000
Cost of furniture and accessories sold	179,291,000	158,317,000	155,292,000
Selling, general and administrative expenses excluding new store pre-opening costs	224,050,000	166,073,000	155,318,000
New store pre-opening costs	623,000	1,217,000	671,000
Lease exit costs	419,000	0	0
Asset impairment charges	106,000
Restructuring Charges	449,000
Income from operations	25,989,000	15,131,000	10,005,000
Remeasurement gain on acquisition of affiliate	7,212,000
Income from Continued Dumping & Subsidy Offset Act	1,156,000
Income from unconsolidated affiliated company	220,000	661,000	770,000
Interest expense	(607,000)	(188,000)	(255,000)
Other loss, net	(2,102,000)	(997,000)	(2,333,000)
Income before income taxes	31,868,000	14,607,000	8,187,000
Income tax expense	11,435,000	5,308,000	3,091,000
Net income	$ 20,433,000	$ 9,299,000	$ 5,096,000
Net income per share
Basic income per share (in dollars per share)	$ 1.91	$ 0.88	$ 0.48
Diluted income per share (in dollars per share)	1.88	0.87	0.47
Regular dividends (in dollars per share)	0.34	0.28	0.22
Special dividend (in dollars per share)	$ 0.20	$ 0.20	$ 0.20

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Net income	$ 20,433	$ 9,299	$ 5,096
Other comprehensive loss:
Actuarial adjustment to supplemental executive retirement defined benefit plan (SERP)	(1,135)	(918)	(310)
Income taxes related to SERP	431	358	119
Other comprehensive loss, net of tax	(704)	(560)	(191)
Total comprehensive income	$ 19,729	$ 8,739	$ 4,905

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Operating activities:
Net income	$ 20,433	$ 9,299	$ 5,096
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,137	7,316	6,198
Equity in undistributed income of investments and unconsolidated affiliated companies	(220)	(661)	(770)
Non-cash asset impairment charges	106
Non-cash portion of lease exit costs	419
Remeasurement gain on acquisition of affiliate	(7,212)
Tenant improvement allowances received from lessors	1,283	3,060
Collateral deposited with insurance carrier		(1,150)
Impairment and lease exit charges on retail real estate			416
Deferred income taxes	1,930	544	2,282
Other, net	2,082	264	677
Changes in operating assets and liabilities
Accounts receivable	(2,354)	775	(686)
Inventories	(2,624)	(4,203)	4,847
Other current and long-term assets	1,494	1,548	(4,819)
Customer deposits	1,796	5,912	3,961
Accounts payable and accrued liabilities	5,128	7,257	(6,562)
Net cash provided by operating activities	32,398	29,961	10,640
Investing activities:
Purchases of property and equipment	(13,974)	(17,980)	(14,302)
Proceeds from sales of property and equipment	2,981	5,157	958
Cash paid for business acquisition, net of cash acquired	(7,323)
Capital contribution to affiliate	(1,345)
Proceeds from sale of affiliate		2,348	2,348
Proceeds from maturities and sales of investments		5,000
Purchases of investments			(28,125)
Cash received on notes receivable and other		320	89
Net cash used in investing activities	(19,661)	(5,155)	(39,032)
Financing activities:
Cash dividends	(5,786)	(5,155)	(2,935)
Proceeds from exercise of stock options	4,031	297	313
Issuance of common stock	325	311	393
Repurchases of common stock	(2,071)	(5,602)	(1,750)
Taxes paid related to net share settlement of equity awards	(178)	(489)	(226)
Excess tax benefits from stock-based compensation	1,998	300	313
Proceeds from equipment loan	1,307
Payments on notes	(2,768)	(528)	(549)
Other, net
Net cash used in financing activities	(3,142)	(10,866)	(4,441)
Change in cash and cash equivalents	9,595	13,940	(32,833)
Cash and cash equivalents - beginning of year	26,673	12,733	45,566
Cash and cash equivalents - end of year	$ 36,268	$ 26,673	$ 12,733

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Nov. 24, 2012	10,836,840
Balance at Nov. 24, 2012	$ 54,184,000		$ 104,319,000	$ (1,223,000)	$ 157,280,000
Comprehensive income
Net income			5,096,000		5,096,000
Actuarial adjustment to SERP				(191,000)	(191,000)
Regular dividends ($0.22 per share)			(2,393,000)		(2,393,000)
Special dividend ($0.20 per share)			(2,172,000)		(2,172,000)
Issuance of common stock (in shares)	160,128
Issuance of common stock	$ 801,000	(104,000)			697,000
Purchase and retirement of common stock (in shares)	(137,650)
Purchase and retirement of common stock	$ (688,000)	(937,000)	(324,000)		(1,949,000)
Stock-based compensation		728,000			728,000
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation		313,000			313,000
Balance (in shares) at Nov. 30, 2013	10,859,318
Balance at Nov. 30, 2013	$ 54,297,000		104,526,000	(1,414,000)	157,409,000
Comprehensive income
Purchase and retirement of common stock	688,000	937,000	324,000		1,949,000
Net income			9,299,000		9,299,000
Actuarial adjustment to SERP				(560,000)	(560,000)
Regular dividends ($0.22 per share)			(2,983,000)		(2,983,000)
Special dividend ($0.20 per share)			(2,102,000)		(2,102,000)
Issuance of common stock (in shares)	69,619
Issuance of common stock	$ 348,000	260,000			608,000
Purchase and retirement of common stock (in shares)	(435,544)
Purchase and retirement of common stock	$ (2,178,000)	(1,511,000)	(2,401,000)		(6,090,000)
Stock-based compensation		951,000			951,000
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation		300,000			$ 300,000
Balance (in shares) at Nov. 29, 2014	10,493,393				10,493,393
Balance at Nov. 29, 2014	$ 52,467,000		106,339,000	(1,974,000)	$ 156,832,000
Comprehensive income
Purchase and retirement of common stock	2,178,000	1,511,000	2,401,000		6,090,000
Net income			20,433,000		20,433,000
Actuarial adjustment to SERP				(704,000)	(704,000)
Regular dividends ($0.22 per share)			(3,684,000)		(3,684,000)
Special dividend ($0.20 per share)			(2,184,000)		(2,184,000)
Issuance of common stock (in shares)	503,814
Issuance of common stock	$ 2,519,000	3,511,000			6,030,000
Purchase and retirement of common stock (in shares)	(81,186)
Purchase and retirement of common stock	$ 406,000	1,843,000			2,249,000
Stock-based compensation		894,000			894,000
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation		1,998,000			$ 1,998,000
Balance (in shares) at Nov. 28, 2015	10,916,021				10,916,021
Balance at Nov. 28, 2015	$ 54,580,000	4,560,000	120,904,000	(2,678,000)	$ 177,366,000
Comprehensive income
Purchase and retirement of common stock	$ (406,000)	$ (1,843,000)			$ (2,249,000)

Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Retained Earnings [Member]
Regular dividends per share (in dollars per share)	$ 0.34	$ 0.28	$ 0.22
Special dividend per share (in dollars per share)	0.20	0.20	0.20
Regular dividends per share (in dollars per share)	0.34	0.28	0.22
Special dividend per share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20

Note 1 - Description of Business

12 Months Ended

Nov. 28, 2015

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, Va., 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 93 retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the 93 stores, the Company owns and operates 60 stores (“Company-owned retail stores”) with the other 33 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 37% of our wholesale products from various countries, with the remaining volume produced at our three domestic manufacturing facilities.

Zenith Acquisition

Prior to February 2, 2015 we held a 49% interest in Zenith Freight Lines, LLC (“Zenith”) for which we used the equity method of accounting. On February 2, 2015 we acquired the remaining 51% ownership interest (see Note 3, Business Combinations). Zenith provides over-the-road transportation of furniture, operates regional freight terminal, warehouse and distribution facilities in eleven states, and manages various home delivery facilities that service Bassett Home Furnishings stores and other clients in local markets around the United States. With the acquisition of Zenith, we established our logistical services operating segment.

Note 2 - Significant Accounting Policies

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Our fiscal year ends on the last Saturday in November, which periodically results in a 53-week year. Fiscal 2015 and 2014 each contained 52 weeks, whereas Fiscal 2013 contained 53 weeks. The Consolidated Financial Statements include the accounts of Bassett Furniture Industries, Incorporated and our majority-owned subsidiaries in which we have a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. Accordingly, the results of Zenith have been consolidated with our results since the date of the acquisition. Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated, and Zenith’s operating costs and expenses since the date of acquisition are included in selling, general and administrative expenses in our condensed consolidated statements of net income. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Unless otherwise indicated, references in the Consolidated Financial Statements to fiscal 2015, 2014 and 2013 are to Bassett's fiscal year ended November 28, 2015, November 29, 2014 and November 30, 2013, respectively. References to the “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP.

For comparative purposes, certain amounts in the 2014 and 2013 financial statements have been reclassified to conform to the 2015 presentation. See “Recent Accounting Pronouncements” below regarding the impact of our adoption of Accounting Standards Update 2015-17 upon the classification of deferred tax assets in our consolidated balance sheets.

The equity method of accounting was used for our investment in Zenith prior to the date of acquisition because we exercised significant influence but did not maintain a controlling interest. Consolidated net income includes our proportionate share of the net income or net loss of Zenith prior to the date of the acquisition.

We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 17 for disclosure of leases and lease guarantees. Based on financial projections and best available information, all licensees have sufficient equity to carry out their principal operating activities without subordinated financial support. Furthermore, we believe that the power to direct the activities that most significantly impact the licensees’ operating performance continues to lie with the ownership of the licensee dealers. Our rights to assume control over or otherwise influence the licensees’ significant activities only exist pursuant to our license and security agreements and are in the nature of protective rights as contemplated under ASC Topic 810. We completed our assessment for other potential VIEs, and concluded that there were none. We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, valuation of income tax reserves, lease guarantees, insurance reserves, and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates.

Revenue Recognition

Revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. This occurs upon the shipment of goods to independent dealers or, in the case of Company-owned retail stores, upon delivery to the customer. We offer terms varying from 30 to 60 days for wholesale customers. For retail sales, we typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled.

Estimates for returns and allowances have been recorded as a reduction to revenue. The contracts with our licensee store owners do not provide for any royalty or license fee to be paid to us. Revenue is reported net of any taxes collected. For our logistical services segment, line-haul freight revenue and home delivery revenue are recognized upon the completion of delivery to the destination. Warehousing services revenue is based upon warehouse space occupied by a customer’s goods and inventory movements in and out of a warehouse and is recognized as such services are provided.

Staff Accounting Bulletin No. 104,

Revenue Recognition

(“SAB 104”) outlines the four basic criteria for recognizing revenue as follows: (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the seller’s price to the buyer is fixed or determinable, and (4) collectability is reasonably assured. SAB 104 further asserts that if collectability of all or a portion of the revenue is not reasonably assured, revenue recognition should be deferred until payment is received. During fiscal 2015, 2014 and 2013, there were no dealers for which these criteria were not met. As of and subsequent to November 30, 2013 there have been no dealers that remained on a cost recovery basis.

Cash Equivalents

The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Our short-term investments, which consist of certificates of deposit, are not considered cash equivalents since they have original maturities of greater than three months.

Accounts Receivable

Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectibility of accounts receivable based on historical experience and current economic trends. Actual losses could differ from those estimates. A significant portion of our trade accounts receivable and allowance for doubtful accounts are attributable to amounts owed to us by our licensees, with the remaining receivables due primarily from national account customers, traditional distribution channel customers and logistical services customers. The percentages of our trade accounts receivable and related allowance for doubtful accounts owed to us by our licensees were as follows at November 28, 2015 and November 29, 2014:

	2015			2014
Portion of trade accounts receivable owed by licensees		34	%		46	%
Portion of allowance for doubtful accounts attributable to licensees		32	%		58	%

Concentrations of Credit Risk and Major Customers

Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 28, 2015 and November 29, 2014, our aggregate exposure from receivables and guarantees related to customers consisted of the following:

	2015		2014
Accounts receivable, net of allowances (Note 5)	$	21,197	$	15,228
Notes receivable, net of allowances		10		592
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)		2,441		3,046
Total credit risk exposure related to customers	$	23,648	$	18,866

At November 28, 2015, approximately 26% of the aggregate risk exposure, net of reserves, shown above was attributable to three customers. At November 29, 2014, approximately 24% of the aggregate risk exposure, net of reserves, shown above was attributable to two customers. In fiscal 2015, 2014 and 2013, no customer accounted for more than 10% of total net sales.

We have no foreign manufacturing or retail operations. We define export sales as sales to any country or territory other than the United States or its territories or possessions. Our export sales were approximately $4,516, $4,774, and $4,603 in fiscal 2015, 2014, and 2013, respectively. All of our export sales are invoiced and settled in U.S. dollars.

Inventories

Inventories (retail merchandise, finished goods, work in process and raw materials) are stated at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the last-in, first-out (“LIFO”) method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories is determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 43% and 40% of total inventory before reserves at November 28, 2015 and November 29, 2014, respectively. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required.

Property and Equipment

Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter.

Retail Real Estate

Retail real estate is comprised of owned and leased properties which have been utilized by licensee operated BHF stores, including properties which are now leased or subleased to non-licensee tenants. These properties are located in high traffic, upscale locations that are normally occupied by large successful national retailers. This real estate is stated at cost less accumulated depreciation and is depreciated over the useful lives of the respective assets utilizing the straight line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. As of November 28, 2015 and November 29, 2014, the cost of retail real estate included land totaling $990 and $1,990, respectively, and building and leasehold improvements of $6,178 and $8,831, respectively. As of November 28, 2015 and November 29, 2014, accumulated depreciation of retail real estate was $4,160 and $4,631, respectively. The net book value of our retail real estate is included in other long-term assets in our consolidated balance sheets. Depreciation expense was $184, $400, and $484 in fiscal 2015, 2014, and 2013, respectively, and is included in other loss, net, in our consolidated statements of income.

During the year ended November 28, 2015 we closed on the sale of our retail real estate investment property located in Sugerland, Texas and received cash in the amount of $2,835. During fiscal 2015 we recognized a non-cash charge of $182 to write down the carrying value of the Sugarland real estate to the selling price.

During the year ended November 29, 2014 we received proceeds from the disposition of retail real estate totaling $5,157. During the first quarter of fiscal 2014 we received $1,407 from the sale of our retail real estate investment property in Henderson, Nevada. During the third quarter of fiscal 2014 we received net proceeds in the amount of $3,750 from the sale of our retail real estate investment property located in Denver, Colorado. There were no material gains or losses associated with these dispositions during fiscal 2014, however an impairment charge in the amount of $416 was recognized during fiscal 2013 to write down the carrying value of the Henderson real estate to the selling price for which it was under contract.

The fiscal 2015 and 2014 sales proceeds described above are included in proceeds from sales of property and equipment in the accompanying consolidated statements of cash flows. The fiscal 2015 and 2013 impairment charges described above are included in other loss, net, in our consolidated statements of income.

Goodwill

Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Logistical Services. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired.

In accordance with ASC Topic 350,

Intangibles – Goodwill & Other

the goodwill impairment test consists of a two-step process, if necessary. However, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the two-step process.

Based on our qualitative assessment as described above, we have concluded that our goodwill is not impaired as of November 28, 2015.

The first step compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, the second step is performed whereby we must calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. This second step represents a hypothetical application of the acquisition method of accounting as if we had acquired the reporting unit on that date. Our impairment methodology uses a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding future profitability of the reporting unit and industry economic factors. While we believe such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts.

Other Intangible Assets

Intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized but are tested for impairment annually or between annual tests when an impairment indicator exists. The recoverability of indefinite-lived intangible assets is assessed by comparison of the carrying value of the asset to its estimated fair value. If we determine that the carrying value of the asset exceeds its estimated fair value, an impairment loss equal to the excess would be recorded.

Definite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We estimate the useful lives of our intangible assets and ratably amortize the value over the estimated useful lives of those assets. If the estimates of the useful lives should change, we will amortize the remaining book value over the remaining useful lives or, if an asset is deemed to be impaired, a write-down of the value of the asset may be required at such time.

Impairment of Long Lived Assets

We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future.

When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store.

Income Taxes

We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified.

We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note 11.

New Store Pre-Opening Costs

Income (loss) from operations for fiscal 2015, 2014 and 2013 includes new store pre-opening costs of $623, $1,217 and $671, respectively. Such costs consist of expenses incurred at the new store location during the period prior to its opening and include, among other things, facility occupancy costs such as rent and utilities and local store personnel costs related to pre-opening activities including training. New store pre-opening costs do not include costs which are capitalized in accordance with our property and equipment capitalization policies, such as leasehold improvements and store fixtures and equipment. Such capitalized costs associated with new stores are depreciated commencing with the opening of the store. There are no pre-opening costs associated with stores acquired from licensees, as such locations were already in operation at the time of their acquisition.

Shipping and Handling Costs

Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $18,624, $16,162, and $15,685 for fiscal 2015, 2014 and 2013, respectively. Costs incurred to deliver retail merchandise to customers are also recorded in selling, general and administrative expense and totaled $15,383, $12,844, and $10,855 for fiscal 2015, 2014 and 2013, respectively.

Advertising

Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $16,228, $15,614, and $14,750 in fiscal 2015, 2014, and 2013, respectively.

Insurance Reserves

We have self-funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns.

Supplemental Cash Flow Information

In connection with our acquisition of Zenith, non-cash financing activities included the issuance of 89,485 shares of our common stock valued at $1,675, and the issuance of a note payable with a discounted fair value of $8,436. See Note 3 for additional information regarding the fair value of the consideration given for the acquisition of Zenith. There were no material non-cash investing or financing activities during fiscal 2014 or 2013.

Recent Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), which updated the guidance in ASC Topic 205, Presentation of Financial Statements, and ASC Topic 360, Property, Plant and Equipment. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations for all public and nonpublic entities. The amendments also require new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. This guidance will become effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and therefore will become effective for us as of the beginning of our 2016 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), which creates ASC Topic 606, Revenue from Contracts with Customers, and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU 2014-09 supersedes the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and early application is not permitted. Therefore the amendments in ASU 2014-09 will become effective for us as of the beginning of our 2019 fiscal year. We are currently evaluating the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements and have not made any decision on the method of adoption.

In January 2015, the FASB issued Accounting Standards Update No. 2015-01, Income Statement — Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. ASU 2015-01 eliminates the concept of reporting extraordinary items, but retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after 15 December 2015. Early adoption is permitted; however, adoption must occur at the beginning of an annual period. Therefore the amendments in ASU 2015-01 will become effective for us as of the beginning of our 2017 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11 requires that inventory within the scope of this Update be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in this Update do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. Therefore the amendments in ASU 2015-11 will become effective for us as of the beginning of our 2018 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

In July 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Any current period adjustments to provisional amounts that would have impacted a prior period’s earnings had they been recognized at the acquisition date are required to be presented separately on the face of the income statement or disclosed in the notes. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years.

The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update with earlier application permitted for financial statements that have not been issued. Therefore the amendments in ASU 2015-16 will become effective for us as of the beginning of our 2017 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. To simplify the presentation of deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The

current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. The amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period.

We have elected to adopt this update as of the fourth quarter of fiscal 2015. Accordingly, deferred tax assets in the amount of $5,268 which were formerly classified as current assets at November 29, 2014 have been reclassified as non-current assets in our consolidated balance sheet.

Note 3 - Business Combination - Acquisition of Zenith

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3.	Business Combination – Acquisition of Zenith

Prior to February 2, 2015 we held a 49% interest in Zenith for which we used the equity method of accounting. Zenith provides domestic transportation and warehousing services primarily to furniture manufacturers and distributors and also provides home delivery services to furniture retailers. We historically have contracted with Zenith to provide substantially all of our domestic freight, transportation and warehousing needs for the wholesale business. In addition, Zenith provides home delivery services for many of our Company-owned retail stores. On February 2, 2015, we acquired the remaining 51% of Zenith in exchange for cash, Bassett common stock and a note payable with a total fair value of $19,111. The value of the Bassett common stock was based on the closing market price of our shares on the acquisition date, discounted for lack of marketability due to restrictions on the seller’s ability to transfer the shares. The restrictions on one half of the shares expire on the first anniversary of the acquisition, with the remainder expiring on the second anniversary. The note is payable in three annual installments of $3,000 each beginning February 2, 2016, and has been discounted to its fair value as of the date of the acquisition based on our estimated borrowing rate.

The carrying value of our 49% interest in Zenith prior to the acquisition was $9,480 (see Note 9, Unconsolidated Affiliated Company). In connection with the acquisition, this investment was remeasured to a fair value of $16,692 resulting in the recognition of a gain of $7,212 during the year ended November 28, 2015. The impact of this gain upon our basic and diluted earnings per share for the year ended November 28, 2015 is approximately $0.41 net of the related tax expense. The remeasured fair value of our prior interest in Zenith was estimated based on the fair value of the consideration transferred to acquire the remaining 51% of Zenith less an estimated control premium.

Under the acquisition method of accounting, the fair value of the consideration transferred along with the fair value of our previous 49% interest in Zenith was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill.

The total fair value of the acquired business was determined as follows:

Fair value of consideration transferred in exchange for 51% of Zenith:
Cash	$	9,000
Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share		1,675
Note payable		8,436
Total fair value of consideration transferred to seller		19,111
Less effective settlement of previous amounts payable to Zenith at acquisition		(3,622	)
Total fair value of consideration net of effective settlement		15,489
Fair value of Bassett's previous 49% interest in Zenith		16,692

Total fair value of acquired business	$	32,181

The preliminary allocation of the fair value of the acquired business was based upon a preliminary valuation. Our estimates and assumptions are subject to change as we obtain additional information for our estimates during the measurement period (up to one year from the acquisition date). The primary areas of the preliminary allocation of the fair value of consideration transferred that are not yet finalized relate to the fair values of certain tangible and intangible assets acquired and the residual goodwill. The preliminary allocation of the fair value of the acquired business is as follows:

Identifiable assets acquired:
Acquired cash and cash equivalents	$	1,677
Accounts receivable, net		3,399
Prepaid expenses and other current assets		496
Property and equipment		18,110
Other long-term assets		646
Intangible assets		6,362
Total identifiable assets acquired		30,690
Liabilities assumed:
Accounts payable and accrued liabilities		(4,038	)
Notes payable		(4,329	)
Total liabilities assumed		(8,367	)
Net identifiable assets acquired		22,323
Goodwill		9,858
Total net assets acquired	$	32,181

Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to tangible and intangible assets and liabilities. Approximately $6,982 of the acquired goodwill is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill were Zenith’s reputation for best-in-class, fully integrated logistical services which are uniquely tailored to the needs of the furniture industry, as well as their ability to provide expedited delivery service which is increasingly in demand in the furniture industry.

A portion of the fair value of consideration transferred has been provisionally assigned to identifiable intangible assets as follows:

	Useful Life
Description:	In Years		Fair Value

Customer relationships		15	$	3,038
Trade names	Indefinite			2,490
Technology - customized applications		7		834

Total acquired intangible assets			$	6,362

The finite-lived intangible assets are being amortized on a straight-line basis over their useful lives. The indefinite-lived intangible asset and goodwill are not amortized but will be tested for impairment annually or between annual tests if an indicator of impairment exists.

The fair values of consideration transferred and net assets acquired were determined using a combination of Level 2 and Level 3 inputs as specified in the fair value hierarchy in ASC 820,

Fair Value Measurements and Disclosures

. See Note 4.

Acquisition costs related to the Zenith acquisition totaled $209 during the year ended November 28, 2015 and are included in selling, general and administrative expenses in the consolidated statements of income. The acquisition costs are primarily related to legal, accounting and valuation services.

Zenith’s revenue since February 2, 2015 included in our consolidated statement of income for the year ended November 28, 2015 is $43,522 after the elimination of intercompany transactions. Net income of Zenith included in our consolidated statement of income for the year ended November 28, 2015 is $2,078. The pro forma results of operations for the acquisition of Zenith have not been presented because they are not material to our consolidated results of operations.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Note 4 - Financial Instruments, Investments and Fair Value Measurements

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Fair Value Disclosures [Text Block]

4.	Financial Instruments, Investments and Fair Value Measurements

Financial Instruments

Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, cost method investments, accounts payable and long-term debt. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, and accounts payable approximate fair value. Our cost method investments generally involve entities for which it is not practical to determine fair values.

Investments

Our short-term investments of $23,125 at both November 28, 2015 and November 29, 2014 consisted of certificates of deposit (CDs) with original terms of twelve months, bearing interest at rates ranging from 0.28% to 1.00%. At November 28, 2015, the weighted average remaining time to maturity of the CDs was approximately seven months and the weighted average yield of the CDs was approximately 0.42%. Each CD is placed with a Federally insured financial institution and all deposits are within Federal deposit insurance limits. As the CDs mature, we expect to reinvest them in CDs of similar maturities of up to one year. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at November 28, 2015 and November 29, 2014 approximates their fair value.

Fair Value Measurement

The Company accounts for items measured at fair value in accordance with ASC Topic 820,

Fair Value Measurements and Disclosures

. ASC 820’s valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy:

Level 1 Inputs

– Quoted prices for identical instruments in active markets.

Level 2 Inputs

– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3 Inputs

– Instruments with primarily unobservable value drivers.

We believe that the carrying amounts of our current assets and current liabilities approximate fair value due to the short-term nature of these items. The recurring estimate of the fair value of our notes payable for disclosure purposes (see Note 10) involves Level 3 inputs. Our primary non-recurring fair value estimates typically involve business acquisitions (Note 3) which involve a combination of Level 2 and Level 3 inputs, and asset impairments (Note 15) which utilize Level 3 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 5 - Accounts Receivable

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Accounts Receivable

Accounts receivable consists of the following:

	November 28, 2015			November 29, 2014
Gross accounts receivable	$	22,372		$	16,477
Allowance for doubtful accounts		(1,175	)		(1,249	)
Net accounts receivable	$	21,197		$	15,228

Activity in the allowance for doubtful accounts was as follows:

	2015			2014

Balance, beginning of the year	$	1,249		$	1,607
Acquired allowance on accounts receivable (Note 3)		209			-
Reductions to allowance, net		(283	)		(358	)
Balance, end of the year	$	1,175		$	1,249

We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820,

Fair Value Measurements and Disclosures

. See Note 4.

Note 6 - Inventories

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Inventory Disclosure [Text Block]

Inventories

Inventories consist of the following:

	November 28, 2015			November 29, 2014
Wholesale finished goods	$	31,253		$	31,399
Work in process		318			298
Raw materials and supplies		9,793			8,109
Retail merchandise		27,680			26,428
Total inventories on first-in, first-out method		69,044			66,234
LIFO adjustment		(7,751	)		(7,550	)
Reserve for excess and obsolete inventory		(1,397	)		(1,412	)
	$	59,896		$	57,272

We source a significant amount of our wholesale product from other countries. During 2015, 2014 and 2013, purchases from our two largest vendors located in China and Vietnam were $25,190, $26,707 and $24,217 respectively.

We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses.

Activity in the reserves for excess quantities and obsolete inventory by segment are as follows:

	Wholesale Segment			Retail Segment			Total
Balance at November 30, 2013	$	1,001		$	292		$	1,293
Additions charged to expense		1,666			331			1,997
Write-offs		(1,607	)		(271	)		(1,878	)
Balance at November 29, 2014		1,060			352			1,412
Additions charged to expense		2,442			430			2,872
Write-offs		(2,415	)		(472	)		(2,887	)
Balance at November 28, 2015	$	1,087		$	310		$	1,397

Note 7 - Property and Equipment

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment

Property and equipment consist of the following:

	November 28, 2015			November 29, 2014
Land	$	12,311		$	11,371
Buildings and leasehold improvements		104,265			90,204
Machinery and equipment		85,490			70,184
Property and equipment at cost		202,066			171,759
Less accumulated depreciation		(105,962	)		(96,947	)
Property and equipment, net	$	96,104		$	74,812

The net book value of our property and equipment by reportable segment is a follows:

	November 28, 2015		November 29, 2014
Wholesale	$	17,763	$	14,933
Retail - Company-owned stores		60,810		59,879
Logistical Services		17,531		-
Total property and equipment, net	$	96,104	$	74,812

Depreciation expense associated with the property and equipment shown above was included in income from operations in our consolidated statements of income as follows:

	2015		2014		2013

Cost of goods sold (1)	$	599	$	542	$	595
Selling, general and adminstrative expenses (2)		9,627		6,814		5,279
Total depreciation expense included in income from operations	$	10,226	$	7,356	$	5,874

(1) All associated with our wholesale segment for fiscal 2015, 2014 and 2013.

(2) Includes depreciation associated with our retail segment of $5,970, $5,782 and $4,531 for fiscal 2015, 2014 and 2013, respectively. Fiscal 2015 includes depreciation associated with our logistical services segment of $2,366.

Note 8 - Goodwill and Other Intangible Assets

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Other Intangible Assets

At November 28, 2015 goodwill and other intangible assets consisted of the following:

	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,038	$	(169	)	$	2,869
Technology - customized applications		834		(99	)		735

Total intangible assets subject to amortization		3,872		(268	)		3,604

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,588		-			11,588

Total goodwill and other intangible assets	$	17,950	$	(268	)	$	17,682

At November 29, 2014 our only intangible asset was goodwill with a carrying value of $1,730.

Changes in the carrying amounts of goodwill by reportable segment were as follows:

	Wholesale		Retail		Logistics		Total

Balance as of November 29, 2014	$	1,128	$	602	$	-	$	1,730
Goodwill arising from acquisition of Zenith		3,711		1,218		4,929		9,858

Balance as of November 28, 2015	$	4,839	$	1,820	$	4,929	$	11,588

The goodwill recognized in connection with our acquisition of Zenith remains subject to future adjustments before the close of the measurement period in the first quarter of fiscal 2016. Refer to Note 3, Business Combinations, for additional information regarding the Zenith acquisition. There were no changes in the carrying value of our goodwill during fiscal 2014, and there were no accumulated impairment losses on goodwill as of November 28, 2015 or November 29, 2014.

Amortization expense associated with intangible assets during the year ended November 28, 2015 was $268 and is included in selling, general and administrative expense in our consolidated statement of income. All expense arising from the amortization of intangible assets is associated with our logistical services segment. There was no amortization expense recognized during fiscal 2014 or 2013. Estimated future amortization expense for intangible assets that exist at November 28, 2015 is as follows:

Fiscal 2016	$	322
Fiscal 2017		322
Fiscal 2018		322
Fiscal 2019		322
Fiscal 2020		322
Thereafter		1,994

Total	$	3,604

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Note 9 - Unconsolidated Affiliated Companies

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Unconsolidated Affiliated Companies

Zenith Freight Lines, LLC

Prior to February 2, 2015 we owned 49% of Zenith and accounted for our investment under the equity method. Our investment in Zenith at November 29, 2014 was $7,915 and is included in other assets in our condensed consolidated balance sheet. The balance of our investment in Zenith was adjusted for our equity in the earnings of Zenith through February 2, 2015 of $220, and increased by $1,345 representing our 49% share of a $2,745 capital contribution made to Zenith, a portion of which was used for retirement of certain of Zenith’s debt prior to the acquisition. This activity resulted in a carrying value for our investment in Zenith of $9,480 on the date of acquisition. See Note 3 regarding the remeasurement of this carrying value to fair value in connection with the acquisition and the resulting gain.

Prior to the acquisition on February 2, 2015, we recorded the following income from Zenith in our consolidated statements of income:

		2015				2014				2013
Earnings recognized		$	220			$	661			$	770

At November 29, 2014, we owed Zenith $2,628 for services rendered to us. Prior to the acquisition, we paid Zenith approximately $6,863, $31,308 and $29,313, for freight expense and logistical services in fiscal 2015, 2014, and 2013, respectively. We believe the transactions with Zenith were recorded at current market rates.

International Home Furnishings Center

In connection with the sale of our interest in International Home Furnishings Center, Inc. (“IHFC”) on May 2, 2011, to International Market Centers, L.P. (“IMC”), $6,106 of the sales proceeds were placed in escrow at the time of the sale to cover various contingencies. At various times during fiscal 2012, 2013 and 2014, the contingencies were satisfied without loss to the Company and the funds were released to us. During fiscal 2014 and 2013 we received the final two payments of sales proceeds in the amount of $2,348 each which are included in cash flows from investing activities in our consolidated statements of cash flows.

In addition to the proceeds described above, at the time of the sale we acquired a minority interest in IMC in exchange for $1,000. IMC is majority owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management, L.P. Our investment in IMC is included in other long-term assets in the accompanying consolidated balance sheets and is accounted for using the cost method as we do not have significant influence over IMC.

Note 10 - Notes Payable and Bank Credit Facility

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Debt Disclosure [Text Block]

10.

Notes Payable and Bank Credit Facility

Our notes payable consist of the following:

	November 28, 2015
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	9,000		$	(312	)	$	8,688
Transportation equipment notes payable		2,152			-			2,152
Real estate notes payable		2,933			-			2,933

Total debt		14,085			(312	)		13,773
Less current portion		(5,477	)		204			(5,273	)

Total long-term debt	$	8,608		$	(108	)	$	8,500

	November 29, 2014
	Principal Balance			Unamortized Discount		Net Carrying Amount

Real estate notes payable	$	2,218		$	-	$	2,218
Less current portion		(316	)		-		(316	)

Total long-term debt	$	1,902		$	-	$	1,902

The future maturities of our notes payable are as follows:

Fiscal 2016	$	5,477
Fiscal 2017		4,112
Fiscal 2018		3,803
Fiscal 2019		543
Fiscal 2020		150
Thereafter		-
	$	14,085

Zenith Acquisition Note Payable

As part of the consideration given for our acquisition of Zenith on February 2, 2015, we issued an unsecured note payable to the former owner in the amount of $9,000. The note is payable in three annual installments $3,000 beginning February 2, 2016. Interest is payable annually at the one year LIBOR rate, which was established at 0.62% on February 2, 2015 and resets on each anniversary of the note. The note was recorded at its fair value in connection with the acquisition resulting in a debt discount that is amortized to the principal amount through the recognition of non-cash interest expense over the term of the note. Interest expense resulting from the amortization of the discount for the year ended November 28, 2015 was $252. The current portion of the note due within one year, net of the current portion of the unamortized discount, is $2,796 at November 28, 2015.

Transportation Equipment Notes Payable

Certain of the transportation equipment operated in our logistical services segment is financed by notes payable in the amount of $2,152. These notes are payable in fixed monthly payments of principal and interest at the fixed rate of 3.75%, with remaining terms of nineteen to forty months. The current portion of these notes due within one year at November 28, 2015 is $901. The notes are secured by tractors, trailers and local delivery trucks with a total net book value of $3,796 at November 28, 2015.

Real Estate Notes Payable

Two of our retail real estate properties have been financed through commercial mortgages with interest rates of 6.73%. These mortgages are collateralized by the respective properties with net book values totaling approximately $5,993 and $6,127 at November 28, 2015 and November 29, 2014, respectively. The total balance outstanding under these mortgages was $1,709 and $2,218 at November 28, 2015 and November 29, 2014, respectively. The current portion of these mortgages due within one year was $351 and $316 as of November 28, 2015 and November 29, 2014, respectively.

Certain of the real estate located in Conover, NC and operated in our logistical services segment is subject to a note payable in the amount of $1,224. The note is payable in monthly installments of principal and interest at the fixed rate of 3.75% through October 2016, at which time the remaining balance on the note of approximately $1,004 will be due. Therefore, the entire balance due on this note is included in the current portion of our long-term debt at November 28, 2015. The note is secured by land and buildings with a total net book value of $6,226 at November 28, 2015.

Fair Value

We believe that the carrying amount of our notes payable approximates fair value at both November 28, 2015 and November 29, 2014. In estimating the fair value, we utilize current market interest rates for similar instruments. The inputs into these fair value calculations reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820,

Fair Value Measurements and Disclosures

. See Note 4.

Bank Credit Facility

Our credit facility with our bank provides for a line of credit of up to $15,000. This credit facility is secured by our accounts receivable and inventory. The facility contains covenants requiring us to maintain certain key financial ratios. We are in compliance with all covenants under the agreement and expect to remain in compliance for the foreseeable future. The line matured in December 2015 but has been temporarily extended while we are in negotiations with our bank for a new line, which we expect to obtain during the first quarter of fiscal 2016 under substantially similar terms, except that the line is expected to be unsecured.

We have $1,970 outstanding under standby letters of credit against our line, leaving availability under our credit line of $13,030. In addition, we have outstanding standby letters of credit with another bank totaling $356.

Total interest paid during fiscal 2015, 2014 and 2013 was $277, 176 and $244, respectively.

Note 11 - Post Employment Benefit Obligations

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Postemployment Benefits Disclosure [Text Block]

11.

Post-Employment Benefit Obligations

Supplemental Retirement Income Plan

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. Upon retirement, the Supplemental Plan provides for lifetime monthly payments in an amount equal to 65% of the participant’s final average compensation as defined in the Supplemental Plan, which is reduced by certain social security benefits to be received and other benefits provided by us. The Supplemental Plan also provides a death benefit that is calculated as (a) prior to retirement death, which pays the beneficiary 50% of final average annual compensation for a period of 120 months, or (b) post-retirement death, which pays the beneficiary 200% of final average compensation in a single payment. We own life insurance policies on these executives with a current net death benefit of $3,087 at November 28, 2015 and we expect to substantially fund this death benefit through the proceeds received upon the death of the executive. Funding for the remaining cash flows is expected to be provided through operations. There are no benefits payable as a result of a termination of employment for any reason other than death or retirement, other than a change of control provision which provides for the immediate vesting and payment of the retirement benefit under the Supplemental Plan in the event of an employment termination resulting from a change of control.

Summarized information for the plan measured as of the end of each year presented, is as follows:

	2015			2014
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	10,376		$	9,775
Service cost		105			78
Interest cost		374			373
Actuarial losses		1,372			1,084
Benefits paid		(549	)		(934	)
Projected benefit obligation at end of year	$	11,678		$	10,376

Accumulated Benefit Obligation	$	10,967		$	9,748

Discount rate used to value the ending benefit obligations:		3.75	%		3.75	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	749		$	724
Noncurrent liabilities		10,929			9,652
Total amounts recognized	$	11,678		$	10,376
Amounts recognized in accumulated other comprehensive income:
Transition obligation	$	127		$	170
Actuarial loss		4,223			3,046
Net amount recognized	$	4,350		$	3,216

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	1,851		$	1,535

	2015		2014		2013

Components of Net Periodic Pension Cost:
Service cost	$	105	$	78	$	71
Interest cost		374		373		350
Amortization of transition obligation		42		42		42
Amortization of other loss		195		123		81

Net periodic pension cost	$	716	$	616	$	544

Assumptions used to determine net periodic pension cost:
Discount rate	3.75	%	3.75	%	4.25	%
Increase in future compensation levels	3.00	%	3.00	%	3.00	%

Estimated Future Benefit Payments (with mortality):
Fiscal 2016							749
Fiscal 2017							717
Fiscal 2018							684
Fiscal 2019							652
Fiscal 2020							619
Fiscal 2021 through 2024							4,442

Of the $4,350 recognized in accumulated other comprehensive income at November 28, 2015, $42 of net transition obligation and $323 of net loss are expected to be recognized as components of net periodic pension cost during fiscal 2016.

Deferred Compensation Plan

We have an unfunded Deferred Compensation Plan that covers one current and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or benefits permitted. We recognized expense of $248, $134, and $288 in fiscal 2015, 2014, and 2013, respectively, associated with the plan. The expense for fiscal 2014 is net of a credit to income of $124 due to a change in our estimate of the future obligation of a former employee. Our liability under this plan was $2,085 and $2,174 as of November 28, 2015 and November 29, 2014, respectively. The non-current portion of this obligation is included in post-employment benefit obligations in our consolidated balance sheets, with the current portion included in accrued compensation and benefits.

Defined Contribution Plan

We have a qualified defined contribution plan (Employee Savings/Retirement Plan) that covers substantially all employees who elect to participate and have fulfilled the necessary service requirements. Employee contributions to the Plan are matched at the rate of 20% of up to 8% of gross pay, regardless of years of service. Expense for employer matching contributions was $662, $397 and $340 during fiscal 2015, 2014 and 2013, respectively. The increase in contribution expense for fiscal 2015 over prior years was largely due to an increase in the matching rate from 15% in 2014 to 20% in 2015, as well as the acquisition of Zenith.

Note 12 - Accumulated Other Comprehensive Loss

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

12.

Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the fiscal years ended November 28, 2015 and November 29, 2014, which is comprised solely of post-retirement benefit costs related to our SERP, is as follows:

Balance at November 30, 2013	$	(1,414	)
Actuarial losses		(1,084	)
Net pension amortization reclassified from accumulated other comprehensive loss		166
Tax effects		358
Balance at November 29, 2014		(1,974	)
Actuarial losses		(1,372	)
Net pension amortization reclassified from accumulated other comprehensive loss		237
Tax effects		431
Balance at November 28, 2015	$	(2,678	)

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Note 13 - Capital Stock and Stock Compensation

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

13.

Capital Stock and Stock Compensation

We account for our stock-based employee and director compensation plans in accordance with ASC 718,

Compensation – Stock Compensation

. ASC 718 requires recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period) which we recognize on a straight-line basis. Compensation expense related to restricted stock and stock options included in selling, general and administrative expenses in our consolidated statements of income for fiscal 2015, 2014 and 2013 was as follows:

		2015				2014				2013
Stock based compensation expense		$	894			$	951			$	728

Stock Option Plans

In 1997, we adopted an Employee Stock Plan (the “1997 Plan”), and reserved for issuance 950,000 shares of common stock. An additional 500,000 shares of common stock were authorized for issuance in 2000. In addition, the terms of the 1997 Plan allow for the re-issuance of any stock options which have been forfeited before being exercised. Options granted under the 1997 Plan may be for such terms and exercised at such times as determined by the Organization, Compensation, and Nominating Committee of the Board of Directors. Vesting periods typically range from one to three years. There are no shares available for grant under the 1997 Plan at November 28, 2015, however up to 500,000 shares associated with outstanding grants under the 1997 Plan may become available for grant under the 2010 Plan (see below).

On April 14, 2010, our shareholders approved the Bassett Furniture Industries, Incorporated 2010 Stock Incentive Plan (the “2010 Plan”). All present and future non-employee directors, key employees and outside consultants for the Company are eligible to receive incentive awards under the 2010 Plan. Our Organization, Compensation and Nominating Committee (the “Compensation Committee”) selects eligible key employees and outside consultants to receive awards under the 2010 Plan in its discretion. Our Board of Directors or any committee designated by the Board of Directors selects eligible non-employee directors to receive awards under the 2010 Plan in its discretion. Five hundred thousand (500,000) shares of common stock are reserved for issuance under the 2010 Plan. In addition, up to 500,000 shares that are represented by outstanding awards under the 1997 Employee Stock Plan which are forfeited, expire or are canceled after the effective date of the 2010 Plan will be added to the reserve and may be used for new awards under the 2010 Plan. Participants may receive the following types of incentive awards under the 2010 Plan: stock options, stock appreciation rights, payment shares, restricted stock, restricted stock units and performance shares. Stock options may be incentive stock options or non-qualified stock options. Stock appreciation rights may be granted in tandem with stock options or as a freestanding award. Non-employee directors and outside consultants are eligible to receive restricted stock and restricted stock units only. We expect to issue new common stock upon the exercise of options.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The risk free rate is based on the U.S. Treasury rate for the expected life at the time of grant, volatility is based on the average long-term implied volatilities of peer companies, the expected life is based on the estimated average of the life of options using the simplified method, and forfeitures are estimated on the date of grant based on certain historical data. We utilize the simplified method to determine the expected life of our options due to insufficient exercise activity during recent years as a basis from which to estimate future exercise patterns.

Stock Options

There were no new grants of options made in 2015, 2014 or 2013.

Changes in the outstanding options under our plans during the year ended November 28, 2015 were as follows:

	Number of Shares			Weighted Average Exercise Price Per Share

Outstanding at November 29, 2014		437,250		$	11.94
Granted		-			-
Exercised		(351,000	)		12.09
Forfeited/Expired		(2,000	)		8.02
Outstanding at November 28, 2015		84,250			11.42
Exercisable at November 28, 2015		84,250		$	11.42

Changes in the non-vested options under our plans during the year ended November 28, 2015 were as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested options outstanding at November 29, 2014		22,750		$	8.04
Granted		-			-
Vested		(20,750	)		8.05
Forfeited/Expired		(2,000	)		8.02
Non-vested options outstanding at November 28, 2015		-			-

Additional information regarding our outstanding stock options at November 28, 2015 is as follows:

				Options Outstanding						Options Exercisable
Range of Exercise Prices				Shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$	3.23	-	$6.45		1,000		4.6	$	4.38		1,000	$	4.38
$	6.45	-	$9.67		22,750		5.6		8.02		22,750		8.02
$	9.68	-	$12.90		28,000		1.9		10.60		28,000		10.60
$	12.91	-	$16.13		32,500		1.4		14.73		32,500		14.73
					84,250						84,250

Aggregate intrinsic value				$	1,714					$	1,714

Additional information regarding activity in our stock options during fiscal 2015, 2014 and 2013 is as follows:

	2015		2014		2013

Total intrinsic value of options exercised	$	5,934	$	236	$	387
Total fair value of options vested		87		200		363
Total cash received from the exercise of options		4,031		382		413
Excess tax benefits recognized as additional paid-in capital upon the exercise of options		1,899		72		106

Restricted Shares

Changes in the outstanding non-vested restricted shares during the year ended November 28, 2015 were as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 29, 2014		123,737		$	15.28
Granted		54,354			21.81
Vested		(26,337	)		15.42
Forfeited		(17,600	)		17.00
Non-vested restricted shares outstanding at November 28, 2015		134,154		$	17.68

Restricted share awards granted in fiscal 2015 included the grant of 46,000 shares on January 14, 2015 which were subject to a performance condition as well as a service condition. The performance condition was based on a measure of the Company’s operating cash flow for 2014 and has now been satisfied. They will remain subject to an additional two-year service requirement and will vest on the third anniversary of the grant. The remaining grants for 2015 consisted of 6,354 restricted shares granted to our non-employee directors on April 1, 2015 which will vest on the first anniversary of the grant, and 2,000 shares granted to an employee on July 14, 2015 which will vest on the third anniversary of the grant.

During fiscal 2015, 26,337 restricted shares were vested and released, of which 13,998 shares had been granted to employees and 12,339 shares to directors. Of the shares released to employees, 4,836 shares were withheld by the Company to cover withholding taxes of $154. During fiscal 2014 and 2013, 31,234 shares and 11,550 shares, respectively, were withheld to cover withholding taxes of $489 and $202, respectively, arising from the vesting of restricted shares. Excess tax benefits of $99, $228 and $207 were recognized during fiscal 2015, 2014 and 2013, respectively, as additional paid-in capital upon the release of vested shares.

Additional information regarding our outstanding non-vested restricted shares at November 28, 2015 is as follows:

					Remaining
	Restricted		Share Value		Restriction
Grant	Shares		at Grant Date		Period
Date	Outstanding		Per Share		(Years)


July 17, 2013		37,800	$	16.64		2.6
January 15, 2014		48,000		14.12		1.1
January 14, 2015		40,000		20.21		2.1
April 1, 2015		6,354		28.33		0.3
July 14, 2015		2,000		38.02		2.6

		134,154

Unrecognized compensation cost related to these non-vested restricted shares at November 28, 2015 is $636, expected to be recognized over approximately a two and one-half year period.

Employee Stock Purchase Plan

In 2000, we adopted and implemented an Employee Stock Purchase Plan (“ESPP”) that allows eligible employees to purchase a limited number of shares of our stock at 85% of market value. Under the ESPP we sold 19,053, 25,677 and 38,206 shares to employees in fiscal 2015, 2014 and 2013, respectively, which resulted in an immaterial amount of compensation expense.

Note 14 - Income Taxes

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Income Tax Disclosure [Text Block]

14.

Income Taxes

The components of the income tax provision (benefit) are as follows:

	2015			2014			2013
Current:
Federal	$	7,972		$	4,168		$	759
State		1,533			596			50

Deferred:
Increase (decrease) in valuation allowance		(70	)		(974	)		136
Federal		1,520			221			1,970
State		480			1,297			176
Total	$	11,435		$	5,308		$	3,091

Excess tax benefits in the amount of $1,998, $300 and $313 were recognized as additional paid-in capital during fiscal 2015, 2014 and 2013, respectively, resulting from the exercise of stock options and the release of restricted shares.

A reconciliation of the statutory federal income tax rate and the effective income tax rate, as a percentage of income before income taxes, is as follows:

	2015			2014			2013
Statutory federal income tax rate		35.0	%		35.0	%		34.0	%
Adjustments to state net operating loss carryforwards		-			3.3			-
Change in income tax valuation allowance		(0.1	)		(3.7	)		1.7
Change in income tax reserves		0.1			(1.7	)		0.1
State income tax, net of federal benefit		4.4			4.9			3.7
Benefit of goodwill basis difference		(3.2	)		-			-
Other		(0.3	)		(1.5	)		(1.7	)
Effective income tax rate		35.9	%		36.3	%		37.8	%

The income tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred income tax assets and deferred income tax liabilities, are as follows:

	November 28, 2015		November 29, 2014
Deferred income tax assets:
Trade accounts receivable	$	506	$	483
Inventories		2,420		2,384
Notes receivable		1,795		1,599
Retirement benefits		6,992		6,093
State net operating loss carryforwards		927		1,141
Unrealized loss from affiliates		356		595
Lease termination accruals		219		167
Net deferred rents		2,674		2,251
Other		1,946		1,699
Gross deferred income tax assets		17,835		16,412
Valuation allowance		-		(70	)
Total deferred income tax assets		17,835		16,342

Deferred income tax liabilities:
Property and equipment		3,093		282
Intangible assets		860		-
Unrealized gains from affiliates		8		963
Prepaid expenses and other		403		128

Total deferred income tax liabilities		4,364		1,373

Net deferred income tax assets	$	13,471	$	14,969

At the beginning of fiscal 2014 we carried a valuation allowance of $1,044 which was primarily related to state net operating loss carryforwards for which it was considered to be more likely than not that they would not be utilized prior to their expiration. During fiscal 2014 we reduced our valuation allowance related to adjustments to state net operating loss carryforwards primarily due to state tax law changes resulting in a credit to income of $974, or $0.09 per basic and diluted share. The remaining balance in the valuation allowance at November 28, 2015 and November 29, 2014 was $0 and $70, respectively.

The following table represents a summary of the valuation allowances against deferred tax assets:

	2015			2014			2013

Balance, beginning of the year	$	70		$	1,044		$	908
Additions charged to expense					-			136
Deductions reducing expense		(70	)		(974	)		-
Balance, end of the year	$	-		$	70		$	1,044

We have state net operating loss carryforwards available to offset future taxable state income of $12,715, which expire in varying amounts between 2015 and 2030. Realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards.

Income taxes paid, net of refunds received, during 2015, 2014 and 2014 were $5,906, $2,367, and $2,723, respectively.

As of November 29, 2014, the gross amount of unrecognized tax benefits was approximately $1,236, exclusive of interest and penalties. Substantially all of this balance, along with additional amounts recognized during fiscal 2015, has been effectively settled as of November 28, 2015. We regularly evaluate, assess and adjust the related liabilities in light of changing facts and circumstances, which could cause the effective tax rate to fluctuate from period to period.

The following table summarizes the activity related to our gross unrecognized tax benefits:

	2015			2014			2013
Balance, beginning of the year	$	1,236		$	1,497		$	1,228
Gross increases		12			-			401
Gross decreases due to settlements		(1,236	)		(221	)		-
Gross decreases primarily due to the expiration of statutes		-			(40	)		(132	)

Balance, end of the year	$	12		$	1,236		$	1,497

We recognize interest and penalties related to unrecognized tax benefits in income tax expense. During fiscal 2015, 2014, and 2013, we recognized $(144), $7, and $23 of interest expense recovery and $3, $10, and $31 of penalty recovery (expense), respectively, related to the unrecognized benefits noted above in our consolidated statements of income. At November 28, 2015 and November 29, 2014, the balance of accrued interest and penalties associated with unrecognized tax benefits was not material. At November 29, 2014, $1,370 was included in other accrued liabilities in our consolidated balance sheet representing the entire amount of our gross unrecognized tax benefits along with the accrued interest and penalties thereon. The balance at November 28, 2015 was not material.

Significant judgment is required in evaluating the Company's federal and state tax positions and in the determination of its tax provision. Despite our belief that the liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matter. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. The Company also cannot predict when or if any other future tax payments related to these tax positions may occur.

We remain subject to examination for tax years 2012 through 2014 for all of our major tax jurisdictions. The examination of our 2012 and 2013 federal tax returns was completed in 2015 and did not result in a significant adjustment to income tax expense.

The IRS released the final and re-proposed tangible property regulations in September of 2013. While the regulations are now final, they were effective for tax years beginning on or after January 1, 2014, which for the Company was fiscal 2015. We comply with the regulations and the related administrative procedures. The regulations did not have a significant impact on our financial statements.

Note 15 - Restructuring, asset impairment, and other changes

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

15.

Restructuring, asset impairment, and other charges

Asset Impairment Charges and Lease Exit Costs

During fiscal 2015 income from operations included $106 of non-cash asset impairment charges and a $419 charge for the accrual of lease exit costs, both incurred in connection with the closing of our Company-owned retail store location in Memphis, Tennessee.

There were no asset impairment charges or lease exit costs incurred against income from operations during fiscal 2014 or 2013. See Note 2 regarding non-operating impairment charges incurred in connection with our investments in retail real estate.

Management Restructuring Costs

During the year ended November 28, 2015, we recognized $449 of expense related to severance payable to a former executive, who left the Company in April, 2015. As of November 28, 2015, all required payments of severance have been disbursed. These management restructuring costs were incurred within our wholesale segment. There were no restructuring charges incurred in fiscal 2014 or 2013.

The following table summarizes the activity related to our accrued lease exit costs:

	2015			2014

Balance, beginning of the year	$	433		$	907
Provisions associated with Company-owned retail stores		419			-
Provisions made to adjust previous estimates		111			14
Payments on unexpired leases, net of sublease rent received		(410	)		(510	)
Accretion of interest on obligations		13			22

Balance, end of the year	$	566		$	433

Current portion included in other accrued liabilities	$	351		$	117
Long-term portion included in other long-term liabilities		215			316
	$	566		$	433

Note 16 - Income from the Continued Dumping and Subsidy Offset Act	12 Months Ended
	Nov. 28, 2015
Notes to Financial Statements
Income From Continued Dumping And Subsidy Offset Act [Text Block]	16. Income from the Continued Dumping and Subsidy Offset Act During the year ended November 28, 2015, we recognized income of $1,156 arising from distributions received from U.S. Customs and Border Protection (“Customs”) under the Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA”). These distributions primarily represent amounts previously withheld by Customs pending the resolution of claims filed by certain manufacturers who did not support the antidumping petition (“Non-Supporting Producers”) challenging certain provisions of the CDSOA and seeking to share in the distributions. The Non-Supporting Producers’ claims were dismissed by the courts and all appeals were exhausted in 2014. While it is possible that we may receive additional distributions from Customs, we cannot estimate the likelihood or amount of any future distributions.

Note 17 - Leases and Lease Guarantees

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Leases Lease Guarantees And Loan Guarantees [Text Block]

17.

Leases

and

Lease Guarantees

Leases

We lease land and buildings that are used in the operation of our Company-owned retail stores as well as in the operation of certain of our licensee-owned stores, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our logistical services segment. We also lease tractors, trailers and local delivery trucks used in our logistical services segment. Our real estate lease terms range from one to 15 years and generally have renewal options of between five and 15 years. Some store leases contain contingent rental provisions based upon sales volume. Our transportation equipment leases have terms ranging from two to seven years with fixed monthly rental payments plus variable charges based upon mileage. The following schedule shows future minimum lease payments under non-cancellable operating leases with terms in excess of one year as of November 25, 2015:

	Retail Stores		Distribution Centers		Transportation Equipment		Total

Fiscal 2016	$	18,490	$	4,087	$	2,779	$	25,356
Fiscal 2017		16,651		3,946		1,979		22,576
Fiscal 2018		14,140		2,696		806		17,642
Fiscal 2019		12,251		1,731		755		14,737
Fiscal 2020		10,916		1,230		671		12,817
Thereafter		27,461		4,278		30		31,769
Total future minimum lease payments	$	99,909	$	17,968	$	7,020	$	124,897

Lease expense was $26,382, $19,903 and $18,403 for 2015, 2014, and 2013, respectively.

In addition to subleasing certain of these properties, we own retail real estate which we in turn lease to licensee operators of BHF stores. We also own real estate for closed stores which we lease to non-licensees. The following schedule shows minimum future rental income related to pass-through rental expense on subleased property as well as rental income on real estate owned by Bassett.

Fiscal 2016	$	2,132
Fiscal 2017		2,119
Fiscal 2018		1,589
Fiscal 2019		1,247
Fiscal 2020		1,194
Thereafter		359
Total minimum future rental income	$	8,640

Real estate rental income (loss), net of expense (including lease costs, depreciation, insurance, and taxes), related to licensee stores and other investment real estate, was $(181), $(248) and $(594) in 2015, 2014 and 2013, respectively, and is reflected in other expense, net in the accompanying consolidated statements of income.

Guarantees

As part of the strategy for our store program, we have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to ten years. We were contingently liable under licensee lease obligation guarantees in the amount of $2,494 and $3,164 at November 28, 2015 and November 29, 2014, respectively.

In the event of default by an independent dealer under the guaranteed lease, we believe that the risk of loss is mitigated through a combination of options that include, but are not limited to, arranging for a replacement dealer, liquidating the collateral, and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are estimated to cover the maximum amount of our future payments under the guarantee obligations, net of reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at November 28, 2015 and November 29, 2014, were not material.

Note 18 - Contingencies	12 Months Ended
Note 18 - Contingencies	Nov. 28, 2015
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	18. Contingencies We are involved in various claims and actions, including environmental matters, which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, it is our opinion that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations.

Note 19 - Earnings Per Share

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

19.

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	2015		2014		2013
Numerator:
Net income	$	20,433	$	9,299	$	5,096

Denominator:
Denominator for basic income per share - weighted average shares		10,701,829		10,552,462		10,721,652
Effect of dilutive securities		141,198		140,569		150,897
Denominator for diluted income per share — weighted average shares and assumed conversions		10,843,027		10,693,031		10,872,549

Basic income per share:
Net income per share — basic	$	1.91	$	0.88	$	0.48

Diluted income per share:
Net income per share — diluted	$	1.88	$	0.87	$	0.47

For fiscal 2015, 2014 and 2013, the following potentially dilutive shares were excluded from the computations as there effect was anti-dilutive:

	2015		2014		2013
Stock options		-		150,000		472,500
Unvested restricted shares		8,354		-		81,295

Total anti-dilutive securities		8,354		150,000		553,795

Note 20 - Segment Information

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

20.

Segment Information

We have strategically aligned our business into three reportable segments as defined in ASC 280,

Segment Reporting

, and as described below:

●

Wholesale.

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 stores retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company- and licensee-owned stores.

●

Retail – Company-owned

tores.

Our retail segment consists of Company-owned stores and includes the revenues, expenses, assets and liabilities and capital expenditures directly related to these stores.

●

Logistical services

With our acquisition of Zenith on February 2, 2015, we created the logistical services operating segment which reflects the operations of Zenith. In addition to providing shipping, delivery and warehousing services for the Company, Zenith also provides similar services to other customers, primarily in the furniture industry. Revenue from the performance of these services to other customers is included in logistics revenue in our condensed consolidated statement of income. Zenith’s operating costs are included in selling, general and administrative expenses and total $73,722 for the year ended November 28, 2015 since the date of acquisition. Amounts charged by Zenith to the Company for logistical services prior to the date of acquisition are included in selling, general and administrative expenses, and our equity in the earnings of Zenith prior to the date of acquisition is included in other loss, net, in the accompanying statements of income.

Inter-company sales elimination represents the elimination of wholesale sales to our Company-owned stores and the elimination of Zenith logistics revenue from our wholesale and retail segments. Inter-company income elimination includes the embedded wholesale profit in the Company-owned store inventory that has not been realized. These profits will be recorded when merchandise is delivered to the retail consumer. The inter-company income elimination also includes rent paid by our retail stores occupying Company-owned real estate, and the elimination of shipping and handling charges from Zenith for services provided to our wholesale and retail operations.

Prior to the beginning of fiscal 2015, our former investments and real estate segment included our short-term investments, our holdings of retail real estate previously leased as licensee stores, and our former equity investment in Zenith prior to acquisition. This segment has been eliminated and the assets formerly reported therein are now considered to be part of our wholesale segment. The earnings and costs associated with these assets, including our equity in the income of Zenith prior to the date of acquisition, will continue to be included in other loss, net, in our condensed consolidated statements of income.

The following table presents segment information for each of the last three fiscal years:

	2015			2014			2013
Net Sales
Wholesale	$	252,180		$	223,993		$	215,451
Retail		249,379			216,631			199,380
Logistical services		77,250			-			-
Inter-company eliminations:
Furniture and accessories		(114,154	)		(99,886	)		(93,545	)
Logistical services		(33,728	)		-			-
Consolidated	$	430,927		$	340,738		$	321,286

Income (loss) from Operations
Wholesale	$	15,618		$	14,120		$	10,883
Retail		6,170			(528	)		(1,452	)
Logistical services		3,528			-			-
Inter-company elimination		1,647			1,539			574
Lease exit costs		(419	)		-			-
Asset impairment charges		(106	)		-			-
Management restructuring costs		(449	)		-			-
Consolidated income from operations	$	25,989		$	15,131		$	10,005

Depreciation and Amortization
Wholesale	$	2,075		$	1,972		$	1,826
Retail		5,428			5,344			4,372
Logistical services		2,634			-			-
Consolidated	$	10,137		$	7,316		$	6,198

Capital Expenditures
Wholesale	$	4,898		$	4,527		$	3,839
Retail		7,077			13,836			10,846
Logistical services		1,999			-			-
Consolidated	$	13,974		$	18,363		$	14,685

Identifiable Assets
Wholesale	$	146,878		$	154,319		$	148,518
Retail		88,878			86,471			77,331
Logistical services		46,787			-			-
Consolidated	$	282,543		$	240,746		$	225,849

A breakdown of wholesale sales by product category for each of the last three fiscal years is provided below:

	2015			2014			2013

Wood		37	%		39	%		41	%
Upholstery		63	%		61	%		59	%
		100	%		100	%		100	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Note 21 - Quarterly Results of Operations

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Quarterly Financial Information [Text Block]

21.

Quarterly Results of Operations

	2015
	First Quarter (1)		Second Quarter (2)		Third Quarter		Fourth Quarter (3)

Sales revenue:
Furniture and accessories	$	89,548	$	99,467	$	97,107	$	101,283
Logistics		3,259		12,086		13,904		14,273
Total sales revenue		92,807		111,553		111,011		115,556
Cost of furniture and accessories sold		41,930		46,921		44,824		45,616
Income from operations		2,877		6,714		7,692		8,706
Net income		5,956		4,529		4,266		5,682
Basic earnings per share		0.57		0.42		0.39		0.53
Diluted earnings per share		0.56		0.42		0.39		0.52

	2014
	First Quarter (4)		Second Quarter		Third Quarter		Fourth Quarter

Sales revenue:
Furniture and accessories	$	75,647	$	85,185	$	85,186	$	94,720
Logistics		-		-		-		-
Total sales revenue		75,647		85,185		85,186		94,720
Cost of furniture and accessories sold		35,394		39,872		40,168		42,883
Income from operations		1,086		3,891		3,399		6,755
Net income		843		2,551		2,256		3,649
Basic earnings per share		0.08		0.24		0.22		0.35
Diluted earnings per share		0.08		0.24		0.21		0.35

All quarters shown above for fiscal 2015 and 2014 consist of 13 week fiscal periods.

Sales revenue from logistics is recognized from the date of our acquisition of Zenith, February 2, 2015. Prior to the acquisition of Zenith, net income included our 49% equity in the earnings of Zenith, which is included in other loss, net in our consolidated statements of income.

(1)

Income from operations includes asset impairment charges and lease exit costs totaling $525 (see Note 15). Net income includes a gain of $7,212, net of income tax effects of approximately $2,777, resulting from the remeasurement of our prior ownership interest in Zenith upon acquisition (see Note 3).

(2)

Income from operations includes management restructuring charges of $449 (see Note 15). Net income includes income of $1,066 from the CDSOA, net of related income tax effects of approximately $410 (see Note 16).

(3)

Net income includes the effect of a $1,111 tax benefit arising from purchase accounting adjustments relating to the gain recorded on the remeasurement of our prior ownership in Zenith.

(4)

Net income includes $662 of income from death benefits from life insurance policies covering a former executive.

Schedule II - Analysis of Valuation and Qualifying Accounts

12 Months Ended

Nov. 28, 2015

Notes to Financial Statements

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Bassett Furniture Industries, Incorporated

Schedule II

Analysis of Valuation and Qualifying Accounts

For the Years Ended November 28, 2015, November 29, 2014 and November 30, 2013

(amounts in thousands)

	Balance Beginning of Period		Additions Charged to Cost and Expenses			Deductions (1)			Other			Balance End of Period
For the Year Ended November 30, 2013:
Reserve deducted from assets to which it applies
Allowance for doubtful accounts	$	1,789	$	361		$	(543	)	$	-		$	1,607
Notes receivable valuation reserves	$	4,139	$	-		$	-		$	-		$	4,139
Income tax valuation allowance	$	908	$	136		$	-		$	-		$	1,044
For the Year Ended November 29, 2014:
Reserve deducted from assets to which it applies
Allowance for doubtful accounts	$	1,607	$	77		$	(435	)	$	-		$	1,249
Notes receivable valuation reserves	$	4,139	$	-		$	-		$	-		$	4,139
Income tax valuation allowance	$	1,044	$	-		$	(974	)	$	-		$	70
For the Year Ended November 28, 2015:
Reserve deducted from assets to which it applies
Allowance for doubtful accounts	$	1,249	$	(216	)	$	(67	)	$	209	(2)	$	1,175
Notes receivable valuation reserves	$	4,139	$	582		$	(75	)	$	-		$	4,646
Income tax valuation allowance	$	70	$	-		$	(70	)	$	-		$	-

(1) Deductions are for the purpose for which the reserve was created. Deductions from the income tax valuation allowance for the year ended November 30, 2013 were due to the removal of the majority of our valuation allowance.

(2) Represents reserves of acquired company at date of acquisition.

Significant Accounting Policies (Policies)

12 Months Ended

Nov. 28, 2015

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Staff Accounting Bulletin No. 104,

Revenue Recognition

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents

Receivables, Policy [Policy Text Block]

Accounts Receivable

	2015			2014
Portion of trade accounts receivable owed by licensees		34	%		46	%
Portion of allowance for doubtful accounts attributable to licensees		32	%		58	%

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk and Major Customers

	2015		2014
Accounts receivable, net of allowances (Note 5)	$	21,197	$	15,228
Notes receivable, net of allowances		10		592
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)		2,441		3,046
Total credit risk exposure related to customers	$	23,648	$	18,866

Inventory, Policy [Policy Text Block]

Inventories

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Retail Real Estate

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

In accordance with ASC Topic 350,

Intangibles – Goodwill & Other

Based on our qualitative assessment as described above, we have concluded that our goodwill is not impaired as of November 28, 2015.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Other Intangible Assets

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long Lived Assets

Income Tax, Policy [Policy Text Block]

Income Taxes

New Store Pre Opening Costs [Policy Text Block]

New Store Pre-Opening Costs

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping and Handling Costs

Advertising Costs, Policy [Policy Text Block]

Advertising

Liability Reserve Estimate, Policy [Policy Text Block]

Insurance Reserves

Supplemental Cash Flow Information [Policy Text Block]

Supplemental Cash Flow Information

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Note 2 - Significant Accounting Policies (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Percentages Of Trade Accounts Receivable And Allowance Of Doubtful Accounts Attributable To Licensees [Table Text Block]

	2015			2014
Portion of trade accounts receivable owed by licensees		34	%		46	%
Portion of allowance for doubtful accounts attributable to licensees		32	%		58	%

Schedule Of Aggregate Exposure From Receivables And Guarantees Related To Customers [Table Text Block]

	2015		2014
Accounts receivable, net of allowances (Note 5)	$	21,197	$	15,228
Notes receivable, net of allowances		10		592
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)		2,441		3,046
Total credit risk exposure related to customers	$	23,648	$	18,866

Note 3 - Business Combination - Acquisition of Zenith (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Fair value of consideration transferred in exchange for 51% of Zenith:
Cash	$	9,000
Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share		1,675
Note payable		8,436
Total fair value of consideration transferred to seller		19,111
Less effective settlement of previous amounts payable to Zenith at acquisition		(3,622	)
Total fair value of consideration net of effective settlement		15,489
Fair value of Bassett's previous 49% interest in Zenith		16,692

Total fair value of acquired business	$	32,181

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Identifiable assets acquired:
Acquired cash and cash equivalents	$	1,677
Accounts receivable, net		3,399
Prepaid expenses and other current assets		496
Property and equipment		18,110
Other long-term assets		646
Intangible assets		6,362
Total identifiable assets acquired		30,690
Liabilities assumed:
Accounts payable and accrued liabilities		(4,038	)
Notes payable		(4,329	)
Total liabilities assumed		(8,367	)
Net identifiable assets acquired		22,323
Goodwill		9,858
Total net assets acquired	$	32,181

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Useful Life
Description:	In Years		Fair Value

Customer relationships		15	$	3,038
Trade names	Indefinite			2,490
Technology - customized applications		7		834

Total acquired intangible assets			$	6,362

Note 5 - Accounts Receivable (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule Of Accounts Receivable [Table Text Block]

	November 28, 2015			November 29, 2014
Gross accounts receivable	$	22,372		$	16,477
Allowance for doubtful accounts		(1,175	)		(1,249	)
Net accounts receivable	$	21,197		$	15,228

Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]

	2015			2014

Balance, beginning of the year	$	1,249		$	1,607
Acquired allowance on accounts receivable (Note 3)		209			-
Reductions to allowance, net		(283	)		(358	)
Balance, end of the year	$	1,175		$	1,249

Note 6 - Inventories (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	November 28, 2015			November 29, 2014
Wholesale finished goods	$	31,253		$	31,399
Work in process		318			298
Raw materials and supplies		9,793			8,109
Retail merchandise		27,680			26,428
Total inventories on first-in, first-out method		69,044			66,234
LIFO adjustment		(7,751	)		(7,550	)
Reserve for excess and obsolete inventory		(1,397	)		(1,412	)
	$	59,896		$	57,272

Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]

	Wholesale Segment			Retail Segment			Total
Balance at November 30, 2013	$	1,001		$	292		$	1,293
Additions charged to expense		1,666			331			1,997
Write-offs		(1,607	)		(271	)		(1,878	)
Balance at November 29, 2014		1,060			352			1,412
Additions charged to expense		2,442			430			2,872
Write-offs		(2,415	)		(472	)		(2,887	)
Balance at November 28, 2015	$	1,087		$	310		$	1,397

Note 7 - Property and Equipment (Tables)

12 Months Ended

Nov. 28, 2015

Property, Plant and Equipment [Member]

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	November 28, 2015		November 29, 2014
Wholesale	$	17,763	$	14,933
Retail - Company-owned stores		60,810		59,879
Logistical Services		17,531		-
Total property and equipment, net	$	96,104	$	74,812

Property, Plant and Equipment [Table Text Block]

	November 28, 2015			November 29, 2014
Land	$	12,311		$	11,371
Buildings and leasehold improvements		104,265			90,204
Machinery and equipment		85,490			70,184
Property and equipment at cost		202,066			171,759
Less accumulated depreciation		(105,962	)		(96,947	)
Property and equipment, net	$	96,104		$	74,812

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	2015			2014			2013
Net Sales
Wholesale	$	252,180		$	223,993		$	215,451
Retail		249,379			216,631			199,380
Logistical services		77,250			-			-
Inter-company eliminations:
Furniture and accessories		(114,154	)		(99,886	)		(93,545	)
Logistical services		(33,728	)		-			-
Consolidated	$	430,927		$	340,738		$	321,286

Income (loss) from Operations
Wholesale	$	15,618		$	14,120		$	10,883
Retail		6,170			(528	)		(1,452	)
Logistical services		3,528			-			-
Inter-company elimination		1,647			1,539			574
Lease exit costs		(419	)		-			-
Asset impairment charges		(106	)		-			-
Management restructuring costs		(449	)		-			-
Consolidated income from operations	$	25,989		$	15,131		$	10,005

Depreciation and Amortization
Wholesale	$	2,075		$	1,972		$	1,826
Retail		5,428			5,344			4,372
Logistical services		2,634			-			-
Consolidated	$	10,137		$	7,316		$	6,198

Capital Expenditures
Wholesale	$	4,898		$	4,527		$	3,839
Retail		7,077			13,836			10,846
Logistical services		1,999			-			-
Consolidated	$	13,974		$	18,363		$	14,685

Identifiable Assets
Wholesale	$	146,878		$	154,319		$	148,518
Retail		88,878			86,471			77,331
Logistical services		46,787			-			-
Consolidated	$	282,543		$	240,746		$	225,849

Schedule of Depreciation [Table Text Block]

	2015		2014		2013

Cost of goods sold (1)	$	599	$	542	$	595
Selling, general and adminstrative expenses (2)		9,627		6,814		5,279
Total depreciation expense included in income from operations	$	10,226	$	7,356	$	5,874

Note 8 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Intangible Assets and Goodwill [Table Text Block]

	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,038	$	(169	)	$	2,869
Technology - customized applications		834		(99	)		735

Total intangible assets subject to amortization		3,872		(268	)		3,604

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,588		-			11,588

Total goodwill and other intangible assets	$	17,950	$	(268	)	$	17,682

Schedule of Goodwill [Table Text Block]

	Wholesale		Retail		Logistics		Total

Balance as of November 29, 2014	$	1,128	$	602	$	-	$	1,730
Goodwill arising from acquisition of Zenith		3,711		1,218		4,929		9,858

Balance as of November 28, 2015	$	4,839	$	1,820	$	4,929	$	11,588

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Fiscal 2016	$	322
Fiscal 2017		322
Fiscal 2018		322
Fiscal 2019		322
Fiscal 2020		322
Thereafter		1,994

Total	$	3,604

Note 9 - Unconsolidated Affiliated Companies (Tables)

12 Months Ended

Nov. 28, 2015

Zenith Freight Lines [Member]

Notes Tables

Equity Method Investments [Table Text Block]

		2015				2014				2013
Earnings recognized		$	220			$	661			$	770

Note 10 - Notes Payable and Bank Credit Facility (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Debt [Table Text Block]

	November 28, 2015
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	9,000		$	(312	)	$	8,688
Transportation equipment notes payable		2,152			-			2,152
Real estate notes payable		2,933			-			2,933

Total debt		14,085			(312	)		13,773
Less current portion		(5,477	)		204			(5,273	)

Total long-term debt	$	8,608		$	(108	)	$	8,500

	November 29, 2014
	Principal Balance			Unamortized Discount		Net Carrying Amount

Real estate notes payable	$	2,218		$	-	$	2,218
Less current portion		(316	)		-		(316	)

Total long-term debt	$	1,902		$	-	$	1,902

Schedule of Maturities of Long-term Debt [Table Text Block]

Fiscal 2016	$	5,477
Fiscal 2017		4,112
Fiscal 2018		3,803
Fiscal 2019		543
Fiscal 2020		150
Thereafter		-
	$	14,085

Note 11 - Post Employment Benefit Obligations (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

	2015			2014
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	10,376		$	9,775
Service cost		105			78
Interest cost		374			373
Actuarial losses		1,372			1,084
Benefits paid		(549	)		(934	)
Projected benefit obligation at end of year	$	11,678		$	10,376

Accumulated Benefit Obligation	$	10,967		$	9,748

Discount rate used to value the ending benefit obligations:		3.75	%		3.75	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	749		$	724
Noncurrent liabilities		10,929			9,652
Total amounts recognized	$	11,678		$	10,376
Amounts recognized in accumulated other comprehensive income:
Transition obligation	$	127		$	170
Actuarial loss		4,223			3,046
Net amount recognized	$	4,350		$	3,216

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	1,851		$	1,535

Schedule of Net Benefit Costs [Table Text Block]

	2015		2014		2013

Components of Net Periodic Pension Cost:
Service cost	$	105	$	78	$	71
Interest cost		374		373		350
Amortization of transition obligation		42		42		42
Amortization of other loss		195		123		81

Net periodic pension cost	$	716	$	616	$	544

Schedule of Assumptions Used [Table Text Block]

Assumptions used to determine net periodic pension cost:
Discount rate	3.75	%	3.75	%	4.25	%
Increase in future compensation levels	3.00	%	3.00	%	3.00	%

Schedule of Expected Benefit Payments [Table Text Block]

Estimated Future Benefit Payments (with mortality):
Fiscal 2016							749
Fiscal 2017							717
Fiscal 2018							684
Fiscal 2019							652
Fiscal 2020							619
Fiscal 2021 through 2024							4,442

Note 12 - Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Balance at November 30, 2013	$	(1,414	)
Actuarial losses		(1,084	)
Net pension amortization reclassified from accumulated other comprehensive loss		166
Tax effects		358
Balance at November 29, 2014		(1,974	)
Actuarial losses		(1,372	)
Net pension amortization reclassified from accumulated other comprehensive loss		237
Tax effects		431
Balance at November 28, 2015	$	(2,678	)

Note 13 - Capital Stock and Stock Compensation (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

		2015				2014				2013
Stock based compensation expense		$	894			$	951			$	728

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Number of Shares			Weighted Average Exercise Price Per Share

Outstanding at November 29, 2014		437,250		$	11.94
Granted		-			-
Exercised		(351,000	)		12.09
Forfeited/Expired		(2,000	)		8.02
Outstanding at November 28, 2015		84,250			11.42
Exercisable at November 28, 2015		84,250		$	11.42

Schedule of Nonvested Share Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested options outstanding at November 29, 2014		22,750		$	8.04
Granted		-			-
Vested		(20,750	)		8.05
Forfeited/Expired		(2,000	)		8.02
Non-vested options outstanding at November 28, 2015		-			-

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 29, 2014		123,737		$	15.28
Granted		54,354			21.81
Vested		(26,337	)		15.42
Forfeited		(17,600	)		17.00
Non-vested restricted shares outstanding at November 28, 2015		134,154		$	17.68

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

				Options Outstanding						Options Exercisable
Range of Exercise Prices				Shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$	3.23	-	$6.45		1,000		4.6	$	4.38		1,000	$	4.38
$	6.45	-	$9.67		22,750		5.6		8.02		22,750		8.02
$	9.68	-	$12.90		28,000		1.9		10.60		28,000		10.60
$	12.91	-	$16.13		32,500		1.4		14.73		32,500		14.73
					84,250						84,250

Aggregate intrinsic value				$	1,714					$	1,714

Schedule of Share-based Compensation, Activity [Table Text Block]

	2015		2014		2013

Total intrinsic value of options exercised	$	5,934	$	236	$	387
Total fair value of options vested		87		200		363
Total cash received from the exercise of options		4,031		382		413
Excess tax benefits recognized as additional paid-in capital upon the exercise of options		1,899		72		106

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]

					Remaining
	Restricted		Share Value		Restriction
Grant	Shares		at Grant Date		Period
Date	Outstanding		Per Share		(Years)


July 17, 2013		37,800	$	16.64		2.6
January 15, 2014		48,000		14.12		1.1
January 14, 2015		40,000		20.21		2.1
April 1, 2015		6,354		28.33		0.3
July 14, 2015		2,000		38.02		2.6

		134,154

Note 14 - Income Taxes (Tables)

12 Months Ended

Nov. 28, 2015

Valuation Allowance of Deferred Tax Assets [Member]

Notes Tables

Summary of Valuation Allowance [Table Text Block]

	2015			2014			2013

Balance, beginning of the year	$	70		$	1,044		$	908
Additions charged to expense					-			136
Deductions reducing expense		(70	)		(974	)		-
Balance, end of the year	$	-		$	70		$	1,044

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2015			2014			2013
Current:
Federal	$	7,972		$	4,168		$	759
State		1,533			596			50

Deferred:
Increase (decrease) in valuation allowance		(70	)		(974	)		136
Federal		1,520			221			1,970
State		480			1,297			176
Total	$	11,435		$	5,308		$	3,091

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2015			2014			2013
Statutory federal income tax rate		35.0	%		35.0	%		34.0	%
Adjustments to state net operating loss carryforwards		-			3.3			-
Change in income tax valuation allowance		(0.1	)		(3.7	)		1.7
Change in income tax reserves		0.1			(1.7	)		0.1
State income tax, net of federal benefit		4.4			4.9			3.7
Benefit of goodwill basis difference		(3.2	)		-			-
Other		(0.3	)		(1.5	)		(1.7	)
Effective income tax rate		35.9	%		36.3	%		37.8	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	November 28, 2015		November 29, 2014
Deferred income tax assets:
Trade accounts receivable	$	506	$	483
Inventories		2,420		2,384
Notes receivable		1,795		1,599
Retirement benefits		6,992		6,093
State net operating loss carryforwards		927		1,141
Unrealized loss from affiliates		356		595
Lease termination accruals		219		167
Net deferred rents		2,674		2,251
Other		1,946		1,699
Gross deferred income tax assets		17,835		16,412
Valuation allowance		-		(70	)
Total deferred income tax assets		17,835		16,342

Deferred income tax liabilities:
Property and equipment		3,093		282
Intangible assets		860		-
Unrealized gains from affiliates		8		963
Prepaid expenses and other		403		128

Total deferred income tax liabilities		4,364		1,373

Net deferred income tax assets	$	13,471	$	14,969

Summary of Valuation Allowance [Table Text Block]

	Balance Beginning of Period		Additions Charged to Cost and Expenses			Deductions (1)			Other			Balance End of Period
For the Year Ended November 30, 2013:
Reserve deducted from assets to which it applies
Allowance for doubtful accounts	$	1,789	$	361		$	(543	)	$	-		$	1,607
Notes receivable valuation reserves	$	4,139	$	-		$	-		$	-		$	4,139
Income tax valuation allowance	$	908	$	136		$	-		$	-		$	1,044
For the Year Ended November 29, 2014:
Reserve deducted from assets to which it applies
Allowance for doubtful accounts	$	1,607	$	77		$	(435	)	$	-		$	1,249
Notes receivable valuation reserves	$	4,139	$	-		$	-		$	-		$	4,139
Income tax valuation allowance	$	1,044	$	-		$	(974	)	$	-		$	70
For the Year Ended November 28, 2015:
Reserve deducted from assets to which it applies
Allowance for doubtful accounts	$	1,249	$	(216	)	$	(67	)	$	209	(2)	$	1,175
Notes receivable valuation reserves	$	4,139	$	582		$	(75	)	$	-		$	4,646
Income tax valuation allowance	$	70	$	-		$	(70	)	$	-		$	-

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	2015			2014			2013
Balance, beginning of the year	$	1,236		$	1,497		$	1,228
Gross increases		12			-			401
Gross decreases due to settlements		(1,236	)		(221	)		-
Gross decreases primarily due to the expiration of statutes		-			(40	)		(132	)

Balance, end of the year	$	12		$	1,236		$	1,497

Note 15 - Restructuring, asset impairment, and other changes (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule Of Activity Related To Accrued Lease Exit Costs [Table Text Block]

	2015			2014

Balance, beginning of the year	$	433		$	907
Provisions associated with Company-owned retail stores		419			-
Provisions made to adjust previous estimates		111			14
Payments on unexpired leases, net of sublease rent received		(410	)		(510	)
Accretion of interest on obligations		13			22

Balance, end of the year	$	566		$	433

Current portion included in other accrued liabilities	$	351		$	117
Long-term portion included in other long-term liabilities		215			316
	$	566		$	433

Note 17 - Leases and Lease Guarantees (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

	Retail Stores		Distribution Centers		Transportation Equipment		Total

Fiscal 2016	$	18,490	$	4,087	$	2,779	$	25,356
Fiscal 2017		16,651		3,946		1,979		22,576
Fiscal 2018		14,140		2,696		806		17,642
Fiscal 2019		12,251		1,731		755		14,737
Fiscal 2020		10,916		1,230		671		12,817
Thereafter		27,461		4,278		30		31,769
Total future minimum lease payments	$	99,909	$	17,968	$	7,020	$	124,897

Schedule Of Future Rental Income [Table Text Block]

Fiscal 2016	$	2,132
Fiscal 2017		2,119
Fiscal 2018		1,589
Fiscal 2019		1,247
Fiscal 2020		1,194
Thereafter		359
Total minimum future rental income	$	8,640

Note 19 - Earnings Per Share (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	2015		2014		2013
Numerator:
Net income	$	20,433	$	9,299	$	5,096

Denominator:
Denominator for basic income per share - weighted average shares		10,701,829		10,552,462		10,721,652
Effect of dilutive securities		141,198		140,569		150,897
Denominator for diluted income per share — weighted average shares and assumed conversions		10,843,027		10,693,031		10,872,549

Basic income per share:
Net income per share — basic	$	1.91	$	0.88	$	0.48

Diluted income per share:
Net income per share — diluted	$	1.88	$	0.87	$	0.47

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	2015		2014		2013
Stock options		-		150,000		472,500
Unvested restricted shares		8,354		-		81,295

Total anti-dilutive securities		8,354		150,000		553,795

Note 20 - Segment Information (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	2015			2014			2013
Net Sales
Wholesale	$	252,180		$	223,993		$	215,451
Retail		249,379			216,631			199,380
Logistical services		77,250			-			-
Inter-company eliminations:
Furniture and accessories		(114,154	)		(99,886	)		(93,545	)
Logistical services		(33,728	)		-			-
Consolidated	$	430,927		$	340,738		$	321,286

Income (loss) from Operations
Wholesale	$	15,618		$	14,120		$	10,883
Retail		6,170			(528	)		(1,452	)
Logistical services		3,528			-			-
Inter-company elimination		1,647			1,539			574
Lease exit costs		(419	)		-			-
Asset impairment charges		(106	)		-			-
Management restructuring costs		(449	)		-			-
Consolidated income from operations	$	25,989		$	15,131		$	10,005

Depreciation and Amortization
Wholesale	$	2,075		$	1,972		$	1,826
Retail		5,428			5,344			4,372
Logistical services		2,634			-			-
Consolidated	$	10,137		$	7,316		$	6,198

Capital Expenditures
Wholesale	$	4,898		$	4,527		$	3,839
Retail		7,077			13,836			10,846
Logistical services		1,999			-			-
Consolidated	$	13,974		$	18,363		$	14,685

Identifiable Assets
Wholesale	$	146,878		$	154,319		$	148,518
Retail		88,878			86,471			77,331
Logistical services		46,787			-			-
Consolidated	$	282,543		$	240,746		$	225,849

Schedule Of Breakdown Of Wholesale Sales By Product Category [Table Text Block]

	2015			2014			2013

Wood		37	%		39	%		41	%
Upholstery		63	%		61	%		59	%
		100	%		100	%		100	%

Note 21 - Quarterly Results of Operations (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Schedule of Quarterly Financial Information [Table Text Block]

	2015
	First Quarter (1)		Second Quarter (2)		Third Quarter		Fourth Quarter (3)

Sales revenue:
Furniture and accessories	$	89,548	$	99,467	$	97,107	$	101,283
Logistics		3,259		12,086		13,904		14,273
Total sales revenue		92,807		111,553		111,011		115,556
Cost of furniture and accessories sold		41,930		46,921		44,824		45,616
Income from operations		2,877		6,714		7,692		8,706
Net income		5,956		4,529		4,266		5,682
Basic earnings per share		0.57		0.42		0.39		0.53
Diluted earnings per share		0.56		0.42		0.39		0.52

	2014
	First Quarter (4)		Second Quarter		Third Quarter		Fourth Quarter

Sales revenue:
Furniture and accessories	$	75,647	$	85,185	$	85,186	$	94,720
Logistics		-		-		-		-
Total sales revenue		75,647		85,185		85,186		94,720
Cost of furniture and accessories sold		35,394		39,872		40,168		42,883
Income from operations		1,086		3,891		3,399		6,755
Net income		843		2,551		2,256		3,649
Basic earnings per share		0.08		0.24		0.22		0.35
Diluted earnings per share		0.08		0.24		0.21		0.35

Schedule II - Analysis of Valuation and Qualifying Accounts (Tables)

12 Months Ended

Nov. 28, 2015

Notes Tables

Summary of Valuation Allowance [Table Text Block]

	Balance Beginning of Period		Additions Charged to Cost and Expenses			Deductions (1)			Other			Balance End of Period
For the Year Ended November 30, 2013:
Reserve deducted from assets to which it applies
Allowance for doubtful accounts	$	1,789	$	361		$	(543	)	$	-		$	1,607
Notes receivable valuation reserves	$	4,139	$	-		$	-		$	-		$	4,139
Income tax valuation allowance	$	908	$	136		$	-		$	-		$	1,044
For the Year Ended November 29, 2014:
Reserve deducted from assets to which it applies
Allowance for doubtful accounts	$	1,607	$	77		$	(435	)	$	-		$	1,249
Notes receivable valuation reserves	$	4,139	$	-		$	-		$	-		$	4,139
Income tax valuation allowance	$	1,044	$	-		$	(974	)	$	-		$	70
For the Year Ended November 28, 2015:
Reserve deducted from assets to which it applies
Allowance for doubtful accounts	$	1,249	$	(216	)	$	(67	)	$	209	(2)	$	1,175
Notes receivable valuation reserves	$	4,139	$	582		$	(75	)	$	-		$	4,646
Income tax valuation allowance	$	70	$	-		$	(70	)	$	-		$	-

Note 1 - Description of Business (Details Textual)	Nov. 28, 2015	Feb. 02, 2015	Feb. 01, 2015
Company-owned Retail Stores [Member]
Number of Stores	60
Licensee Operated Retail Stores [Member]
Number of Stores	33
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage			49.00%
Business Acquisition, Percentage of Voting Interests Acquired		51.00%
Number of States in which Entity Operates		11
Number of Stores	93
Percent Of Wholesale Products Sourced From Other Countries	37.00%
Number Of Domestic Manufacturing Facilities	3

Note 2 - Significant Accounting Policies (Details Textual)	12 Months Ended
	Nov. 28, 2015 USD ($) shares	Nov. 29, 2014 USD ($)	Nov. 30, 2013 USD ($)
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life	10 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life	5 years
Minimum [Member] \| Retail Buildings And Improvements [Member]
Property, Plant and Equipment, Useful Life	10 years
Minimum [Member]
Payment Terms For Wholesale Customers	30 days
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life	39 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life	10 years
Maximum [Member] \| Retail Buildings And Improvements [Member]
Property, Plant and Equipment, Useful Life	39 years
Maximum [Member]
Payment Terms For Wholesale Customers	60 days
Export Sales [Member]
Revenues	$ 4,516,000	$ 4,774,000	$ 4,603,000
Retail Real Estate [Member]
Land	990,000	1,990,000
Buildings and Improvements, Gross	6,178,000	8,831,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	4,631,000
Depreciation	184,000	400,000	484,000
Asset Impairment Charges	416,000
Sugarland Real Estate [Member]
Proceeds from Sale of Real Estate	2,835,000
Impairment of Real Estate	182,000
Deliver Wholesale Merchandise to Customers [Member]
Shipping, Handling and Transportation Costs	18,624,000	16,162,000	15,685,000
Deliver Retail Merchandise to Customers [Member]
Shipping, Handling and Transportation Costs	$ 15,383,000	$ 12,844,000	10,855,000
Zenith Freight Lines [Member] \| Common Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	89,485
Zenith Freight Lines [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 1,675,000
Notes Issued	8,436,000
Scenario, Previously Reported [Member]
Prior Period Reclassification Adjustment	5,268,000
Goodwill, Impairment Loss	$ 0
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Licensees	26.00%	24.00%
Number Of Major Licensees	3	2
Percentage of LIFO Inventory	43.00%	40.00%
Land	$ 12,311,000	$ 11,371,000
Buildings and Improvements, Gross	104,265,000	90,204,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	105,962,000	96,947,000
Proceeds from Sale of Real Estate	5,157,000	1,407,000	3,750,000
Impairment of Real Estate			416,000
Asset Impairment Charges	106,000
Pre-Opening Costs	623,000	1,217,000	671,000
Shipping, Handling and Transportation Costs	6,863,000	31,308,000	29,313,000
Advertising Expense	$ 16,228,000	$ 15,614,000	$ 14,750,000

Note 2 - Percentages of Trade Accounts Receivable and Related Allowance for Doubtful Accounts Due from Licensees (Details)	Nov. 28, 2015	Nov. 29, 2014
Portion of trade accounts receivable owed by licensees	34.00%	46.00%
Portion of allowance for doubtful accounts attributable to licensees	32.00%	58.00%

Note 2 - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
Accounts receivable, net of allowances (Note 5)	$ 21,197	$ 15,228
Notes receivable, net of allowances	10	592
Loss Contingency, Estimate of Possible Loss	2,441	3,046
Total credit risk exposure related to customers	$ 23,648	$ 18,866

Note 3 - Business Combination - Acquisition of Zenith (Details Textual) $ / shares in Units, $ in Thousands		2 Months Ended	6 Months Ended	10 Months Ended	12 Months Ended
	Feb. 02, 2015 USD ($)	Feb. 01, 2015 USD ($)	Aug. 29, 2015 USD ($)	Nov. 28, 2015 USD ($)	Nov. 28, 2015 USD ($) $ / shares	Nov. 29, 2014 USD ($)	Nov. 30, 2013 USD ($)
Zenith Freight Lines [Member] \| Long-term Debt [Member]
Debt Instrument, Periodic Payment	$ 3,000
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage		49.00%
Business Acquisition, Percentage of Voting Interests Acquired	51.00%
Business Combination, Consideration Transferred	$ 19,111				$ 19,111
Debt Instrument, Periodic Payment, Number of Installments	3
Equity Method Investments, Carrying Value Prior to Step Acquisition Remeasurement		$ 9,480
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value			$ 16,692		16,692
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					$ 7,212
Diluted Earnings Per Share Adjustment \| $ / shares					$ 0.41
Business Acquisition, Goodwill, Expected Tax Deductible Amount				$ 6,982	$ 6,982
Business Combination, Acquisition Related Costs					209
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				43,522
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				$ 2,078
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					$ 7,212

Note 3 - Fair Value of Acquired Business (Details) - Zenith Freight Lines [Member]	12 Months Ended
	Nov. 28, 2015 USD ($)
Cash	$ 9,000,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	1,675,000
Note payable	8,436,000
Total fair value of consideration transferred to seller	19,111,000
Less effective settlement of previous amounts payable to Zenith at acquisition	(3,622,000)
Total fair value of consideration net of effective settlement	15,489,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value	16,692,000
Total fair value of acquired business	$ 32,181,000

Note 3 - Allocation of Fair Value of the Acquired Business (Details)	Feb. 02, 2015 USD ($)
Zenith Freight Lines [Member]
Acquired cash and cash equivalents	$ 1,677,000
Accounts receivable, net	3,399,000
Prepaid expenses and other current assets	496,000
Property and equipment	18,110,000
Other long-term assets	646,000
Intangible assets	6,362,000
Total identifiable assets acquired	30,690,000
Accounts payable and accrued liabilities	(4,038,000)
Notes payable	(4,329,000)
Total liabilities assumed	(8,367,000)
Net identifiable assets acquired	22,323,000
Goodwill	9,858,000
Total net assets acquired	$ 32,181,000

Note 3 - Acquired Identifiable Intangible Assets (Details) - Zenith Freight Lines [Member] $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)
Customer Relationships [Member]
Useful Life In Years	15 years
Fair Value	$ 3,038
Technology-Based Intangible Assets [Member]
Useful Life In Years	7 years
Fair Value	$ 834
Trade Names [Member]
Fair Value	2,490
Fair Value	$ 6,362

Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Maximum [Member]
Certificates of Deposit Terms	1 year
Interest Rate of Certificates of Deposit	1.00%
Minimum [Member]
Interest Rate of Certificates of Deposit	0.28%
Weighted Average [Member]
Certificates of Deposit Terms	210 days
Interest Rate of Certificates of Deposit	0.42%
Short-term Investments	$ 23,125	$ 23,125

Note 5 - Accounts Receivable (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
Gross accounts receivable	$ 22,372	$ 16,477
Allowance for doubtful accounts	(1,175)	(1,249)
Net accounts receivable	$ 21,197	$ 15,228

Note 5 - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Zenith Freight Lines [Member]
Balance, beginning of the year	$ 1,249	$ 1,607
Acquired allowance on accounts receivable (Note 3)	209
Reductions to allowance, net	(283)	(358)
Balance, end of the year	1,175	1,249
Balance, beginning of the year	1,249
Balance, end of the year	$ 1,175	$ 1,249

Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Purchases From Major Vendors	$ 25,190	$ 26,707	$ 24,217

Note 6 - Inventories (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
Wholesale finished goods	$ 31,253	$ 31,399
Work in process	318	298
Raw materials and supplies	9,793	8,109
Retail merchandise	27,680	26,428
Total inventories on first-in, first-out method	69,044	66,234
LIFO adjustment	(7,751)	(7,550)
Reserve for excess and obsolete inventory	(1,397)	(1,412)
Inventory, net	$ 59,896	$ 57,272

Note 6 - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Operating Segments [Member] \| Wholesale Segment [Member]
Balance at November 30, 2013	$ 1,060	$ 1,001
Additions charged to expense	2,442	1,666
Write-offs	(2,415)	(1,607)
Balance at November 29, 2014	1,087	1,060
Operating Segments [Member] \| Retail Segment [Member]
Balance at November 30, 2013	352	292
Additions charged to expense	430	331
Write-offs	(472)	(271)
Balance at November 29, 2014	310	352
Balance at November 30, 2013	1,412	1,293
Additions charged to expense	2,872	1,997
Write-offs	(2,887)	(1,878)
Balance at November 29, 2014	$ 1,397	$ 1,412

Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Retail Segment [Member]
Depreciation	$ 5,970	$ 5,782	$ 4,531
Logistical Services [Member]
Depreciation	$ 2,366

Note 7 - Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
Land	$ 12,311	$ 11,371
Buildings and Improvements, Gross	104,265	90,204
Machinery and equipment	85,490	70,184
Property and equipment at cost	202,066	171,759
Less accumulated depreciation	(105,962)	(96,947)
Property and equipment, net	$ 96,104	$ 74,812

Note 7 - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
Wholesale Segment [Member]
Property and equipment, net	$ 17,763	$ 14,933
Retail Segment [Member]
Property and equipment, net	60,810	59,879
Logistical Services [Member]
Property and equipment, net	17,531
Property and equipment, net	$ 96,104	$ 74,812

Note 7 - Depreciation Expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 28, 2015

Nov. 29, 2014

Nov. 30, 2013

Cost of Sales [Member]

Depreciation expense

^[1]

$ 599

$ 542

$ 595

Selling, General and Administrative Expenses [Member]

Depreciation expense

^[2]

9,627

6,814

5,279

Depreciation expense

$ 10,226

$ 7,356

$ 5,874

[1]	All associated with our wholesale segment for fiscal 2015, 2014, and 2013.
[2]	Includes depreciation associated with our retail segment of $5,970, $5,782 and $4,531 for fiscal 2015, 2014, 2013, respectively. Fiscal 2015 includes depreciation associated with our logistical services segment of $2,366.

Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Amortization of Intangible Assets	$ 268,000	$ 0	$ 0
Goodwill, Impaired, Accumulated Impairment Loss	0	0
Goodwill	$ 11,588,000	$ 1,730,000

Note 8 - Goodwill and Other Intangible Assets (Details) $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($)
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	$ 3,038
Intangibles subject to amortization, Accumulated Amortization	(169)
Intangibles subject to amortization, Intangible Assets, Net	2,869
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834
Intangibles subject to amortization, Accumulated Amortization	(99)
Intangibles subject to amortization, Intangible Assets, Net	735
Intangibles subject to amortization, Gross Carrying Amount	3,872
Intangibles subject to amortization, Accumulated Amortization	(268)
Intangibles subject to amortization, Intangible Assets, Net	3,604
Trade names	2,490
Goodwill	11,588
Total goodwill and other intangible assets	17,950
Total goodwill and other intangible assets	$ 17,682

Note 8 - Changes in Carrying Amount of Goodwill (Details)	12 Months Ended
	Nov. 28, 2015 USD ($)
Wholesale Segment [Member]
Balance as of November 29, 2014	$ 1,128,000
Goodwill arising from acquisition of Zenith	3,711,000
Balance as of November 28, 2015	4,839,000
Retail Segment [Member]
Balance as of November 29, 2014	602,000
Goodwill arising from acquisition of Zenith	1,218,000
Balance as of November 28, 2015	1,820,000
Logistical Services [Member]
Balance as of November 29, 2014
Goodwill arising from acquisition of Zenith	4,929,000
Balance as of November 28, 2015	4,929,000
Balance as of November 29, 2014	1,730,000
Goodwill arising from acquisition of Zenith	9,858,000
Balance as of November 28, 2015	$ 11,588,000

Note 8 - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Nov. 28, 2015 USD ($)
Fiscal 2016	$ 322
Fiscal 2017	322
Fiscal 2018	322
Fiscal 2019	322
Fiscal 2020	322
Thereafter	1,994
Total	$ 3,604

Note 9 - Unconsolidated Affiliated Companies (Details Textual) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 01, 2015	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013	Feb. 02, 2015	May 02, 2011
IHFC [Member]
Decrease in Restricted Cash			$ 2,348	$ 2,348
Indemnification Escrow Receivable						$ 6,106
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage	49.00%
Equity Method Investments			7,915		$ 9,480
Income (Loss) from Equity Method Investments	$ 220
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	1,345
Capital Contributions Made to Unconsolidated Affiliated Companies	$ 2,745
Due to Affiliate			2,628
Income (Loss) from Equity Method Investments		$ 220	661	770
Shipping, Handling and Transportation Costs		$ 6,863	$ 31,308	$ 29,313
Cost Method Investments						$ 1,000

Note 9 - Income (Details) - USD ($) $ in Thousands	12 Months Ended
Note 9 - Income (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Income (Loss) from Equity Method Investments	$ 220	$ 661	$ 770

Note 10 - Notes Payable and Bank Credit Facility (Details Textual) $ in Thousands		12 Months Ended
	Feb. 02, 2015 USD ($)	Nov. 28, 2015 USD ($)	Nov. 29, 2014 USD ($)	Nov. 30, 2013 USD ($)
Zenith Freight Lines [Member] \| Unsecured Debt [Member]
Debt Instrument, Face Amount	$ 9,000
Debt Instrument, Number of Annual Payments	3
Debt Instrument, Periodic Payment	$ 3,000
Debt Instrument, Interest Rate, Stated Percentage	0.62%
Amortization of Debt Discount (Premium)		$ 252
Debt Instrument, Carrying Amount, Current		$ 2,796
Transportation Equipment Notes Payable [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage		3.75%
Debt Instrument, Term		1 year 210 days
Transportation Equipment Notes Payable [Member] \| Maximum [Member]
Debt Instrument, Term		3 years 120 days
Transportation Equipment Notes Payable [Member]
Long-term Debt		$ 2,152
Secured Debt, Current		901
Secured Debt		3,796
Real Estate Notes Payable Operated in Retail Segment [Member] \| Financed Through Commercial Mortgages [Member]
Debt Instrument, Collateral Amount		$ 5,993	$ 6,127
Real Estate Notes Payable Operated in Retail Segment [Member]
Debt Instrument, Interest Rate, Stated Percentage		6.73%
Long-term Debt		$ 1,709	2,218
Secured Debt, Current		351	316
Real Estate Notes Payable Operated in Logistical Services Segment [Member] \| Land and Building [Member]
Debt Instrument, Collateral Amount		$ 6,226
Real Estate Notes Payable Operated in Logistical Services Segment [Member]
Debt Instrument, Interest Rate, Stated Percentage		3.75%
Secured Debt		$ 1,224
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		1,004
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity		15,000
Letters of Credit Outstanding, Amount		1,970
Line of Credit Facility, Remaining Borrowing Capacity		13,030
Bank Two [Member]
Letters of Credit Outstanding, Amount		356
Debt Instrument, Carrying Amount, Current		5,477	316
Long-term Debt		13,773
Interest Paid		$ 277	$ 176	$ 244

Note 10 - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014
Zenith Note Payable [Member]
Principal Balance	$ 9,000
Unamortized Discount	(312)
Long-term Debt	8,688
Real Estate Notes Payable [Member]
Principal Balance	2,933	$ 2,218
Long-term Debt	2,933	2,218
Transportation Equipment Notes Payable [Member]
Principal Balance	2,152
Long-term Debt	2,152
Principal Balance	14,085
Unamortized Discount	(312)
Long-term Debt	13,773
Principal Balance	(5,477)	(316)
Unamortized Discount	204
Net Carrying Amount	(5,273)	(316)
Principal Balance	8,608	1,902
Unamortized Discount	(108)
Net Carrying Amount	$ 8,500	$ 1,902

Note 10 - Maturities of Notes Payable (Details) $ in Thousands	Nov. 28, 2015 USD ($)
Fiscal 2016	$ 5,477
Fiscal 2017	4,112
Fiscal 2018	3,803
Fiscal 2019	543
Fiscal 2020	150
Total repayments of principal	$ 14,085

Note 11 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Payment over 120 Months [Member]
Death Benefit Percent Of Final Average Annual Compensation	50.00%
A Single Payment [Member]
Death Benefit Percent Of Final Average Annual Compensation	200.00%
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent	$ 2,085	$ 2,174
Percent Of Final Average Compensation Provided By Supplemental Retirement Income Plan	65.00%
Death Benefit Payment Term	10 years
Current Net Death Benefit	$ 3,087
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	4,350	3,216
Defined Benefit Plan, Future Amortization of Transition Obligation (Asset)	42
Defined Benefit Plan, Future Amortization of Gain (Loss)	(323)
Pension Expense	248	134	$ 288
Increase (Decrease) in Deferred Compensation	124
Postemployment Benefits Liability, Noncurrent	$ 12,694	$ 11,498
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	20.00%	15.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	8.00%
Defined Contribution Plan, Cost Recognized	$ 662	$ 397	$ 340

Note 11 - Plan Summary (Details) - USD ($) $ in Thousands	12 Months Ended
Note 11 - Plan Summary (Details) - USD ($) $ in Thousands	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$ 10,376	$ 9,775
Service cost	105	78	$ 71
Interest cost	374	373	350
Actuarial losses	1,372	1,084
Benefits paid	(549)	(934)
Projected benefit obligation at end of year	11,678	10,376	$ 9,775
Accumulated Benefit Obligation	$ 10,967	$ 9,748
Discount rate used to value the ending benefit obligations:	3.75%	3.75%
Amounts recognized in the consolidated balance sheet:
Current liabilities	$ 749	$ 724
Noncurrent liabilities	10,929	9,652
Total amounts recognized	11,678	10,376
Amounts recognized in accumulated other comprehensive income:
Transition obligation	127	170
Actuarial loss	4,223	3,046
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	4,350	3,216
Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$ 1,851	$ 1,535

Note 11 - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Components of Net Periodic Pension Cost:
Service cost	$ 105	$ 78	$ 71
Interest cost	374	373	350
Amortization of transition obligation	42	42	42
Amortization of other loss	195	123	81
Net periodic pension cost	$ 716	$ 616	$ 544

Note 11 - Assumptions Used to Determine Net Periodic Pension Cost (Details)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Assumptions used to determine net periodic pension cost:
Discount rate	3.75%	3.75%	4.25%
Increase in future compensation levels	3.00%	3.00%	3.00%

Note 11 - Estimated Future Benefit Payments (Details) $ in Thousands	Nov. 28, 2015 USD ($)
Estimated Future Benefit Payments (with mortality):
Fiscal 2016	$ 749
Fiscal 2017	717
Fiscal 2018	684
Fiscal 2019	652
Fiscal 2020	619
Fiscal 2021 through 2024	$ 4,442

Note 12 - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance at November 30, 2013	$ (1,974)	$ (1,414)
Actuarial losses	(1,372)	(1,084)
Net pension amortization reclassified from accumulated other comprehensive loss	237	166
Tax effects	431	358
Balance at November 29, 2014	(2,678)	(1,974)
Balance at November 30, 2013	(1,974)
Balance at November 29, 2014	$ (2,678)	$ (1,974)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Note 13 - Capital Stock and Stock Compensation (Details Textual) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Apr. 14, 2010	Dec. 31, 2000	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013	Apr. 01, 2015	Dec. 31, 1997
Restricted Stock [Member] \| Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant						6,354
Restricted Stock [Member] \| Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			2,000
Restricted Stock [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			13,998
Shares Paid for Tax Withholding for Share Based Compensation			4,836	31,234	11,550
Payments Related to Tax Withholding for Share-based Compensation			$ 154	$ 489	$ 202
Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			12,339
Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 182 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			26,337
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			46,000
The 1997 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			0
Common Stock, Capital Shares Reserved for Future Issuance							950,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		500,000
The 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	500,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			134,154
Payments Related to Tax Withholding for Share-based Compensation			$ 178	$ 489	$ 226
Proceeds and Excess Tax Benefit from Share-based Compensation			99	$ 228	$ 207
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 636
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent		85.00%
Stock Issued During Period, Shares, Employee Stock Purchase Plans			19,053	25,677	38,206

Note 13 - Compensation Expense Related to Restricted Stock and Stock Options Included in Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Selling, General and Administrative Expenses [Member]
Stock based compensation expense	$ 894	$ 951	$ 728

Note 13 - Changes in Outstanding Options (Details)	12 Months Ended
Note 13 - Changes in Outstanding Options (Details)	Nov. 28, 2015 $ / shares shares
Outstanding (in shares) \| shares	437,250
Outstanding (in dollars per share) \| $ / shares	$ 11.94
Exercised (in shares) \| shares	(351,000)
Exercised (in dollars per share) \| $ / shares	$ 12.09
Forfeited/Expired (in shares) \| shares	(2,000)
Forfeited/Expired (in dollars per share) \| $ / shares	$ 8.02
Outstanding (in shares) \| shares	84,250
Outstanding (in dollars per share) \| $ / shares	$ 11.42
Exercisable (in shares) \| shares	84,250
Exercisable (in dollars per share) \| $ / shares	$ 11.42

Note 13 - Changes in Non-vested Options (Details)	12 Months Ended
Note 13 - Changes in Non-vested Options (Details)	Nov. 28, 2015 $ / shares shares
Restricted Stock [Member]
Non-vested options outstanding (in shares) \| shares	123,737
Non-vested options outstanding (in dollars per share) \| $ / shares	$ 15.28
Granted (in shares) \| shares	54,354
Granted (in dollars per share) \| $ / shares	$ 21.81
Vested (in shares) \| shares	(26,337)
Vested (in dollars per share) \| $ / shares	$ 15.42
Forfeited/Expired (in shares) \| shares	(17,600)
Forfeited/Expired (in dollars per share) \| $ / shares	$ 17
Non-vested options outstanding (in shares) \| shares	134,154
Non-vested options outstanding (in dollars per share) \| $ / shares	$ 17.68
Vested (in shares) \| shares	(26,337)
Vested (in dollars per share) \| $ / shares	$ 15.42
Non-vested options outstanding (in shares) \| shares	22,750
Non-vested options outstanding (in dollars per share) \| $ / shares	$ 8.04
Granted (in shares) \| shares
Granted (in dollars per share) \| $ / shares
Vested (in shares) \| shares	(20,750)
Vested (in dollars per share) \| $ / shares	$ 8.05
Forfeited/Expired (in shares) \| shares	(2,000)
Forfeited/Expired (in dollars per share) \| $ / shares	$ 8.02
Non-vested options outstanding (in shares) \| shares
Non-vested options outstanding (in dollars per share) \| $ / shares
Vested (in shares) \| shares	(20,750)
Vested (in dollars per share) \| $ / shares	$ 8.05

Note 13 - Additional Information Regarding Outstanding Stock Options (Details) $ in Thousands	12 Months Ended
	Nov. 28, 2015 USD ($) $ / shares shares
Range of $3.23 - $6.45 [Member]
Lower Range of Exercise Prices (in dollars per share)	$ 3.23
Upper Range of Exercise Prices (in dollars per share)	$ 6.45
Options Outstanding Shares (in shares) \| shares	1,000
Options Outstanding Weighted Average Remaining Contractual Life	4 years 219 days
Weighted Average Exercise Price (in dollars per share)	$ 4.38
Options Exercisable Shares (in shares) \| shares	1,000
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 4.38
Range of $6.45 - $9.67 [Member]
Lower Range of Exercise Prices (in dollars per share)	6.45
Upper Range of Exercise Prices (in dollars per share)	$ 9.67
Options Outstanding Shares (in shares) \| shares	22,750
Options Outstanding Weighted Average Remaining Contractual Life	5 years 219 days
Weighted Average Exercise Price (in dollars per share)	$ 8.02
Options Exercisable Shares (in shares) \| shares	22,750
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 8.02
Range of $9.68 - $12.90 [Member]
Lower Range of Exercise Prices (in dollars per share)	9.68
Upper Range of Exercise Prices (in dollars per share)	$ 12.90
Options Outstanding Shares (in shares) \| shares	28,000
Options Outstanding Weighted Average Remaining Contractual Life	1 year 328 days
Weighted Average Exercise Price (in dollars per share)	$ 10.60
Options Exercisable Shares (in shares) \| shares	28,000
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 10.60
Range of $12.91 - $16.13 [Member]
Lower Range of Exercise Prices (in dollars per share)	12.91
Upper Range of Exercise Prices (in dollars per share)	$ 16.13
Options Outstanding Shares (in shares) \| shares	32,500
Options Outstanding Weighted Average Remaining Contractual Life	1 year 146 days
Weighted Average Exercise Price (in dollars per share)	$ 14.73
Options Exercisable Shares (in shares) \| shares	32,500
Options Exercisable Weighted Average Exercise Price (in dollars per share)	$ 14.73
Options Outstanding Shares (in shares) \| shares	84,250
Options Exercisable Shares (in shares) \| shares	84,250
Aggregate Intrinsic Value \| $	$ 1,714
Aggregate Intrinsic Value \| $	$ 1,714

Note 13 - Additional Information Regarding Activity in Stock Options (Details) - USD ($)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Employee Stock Option [Member]
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	$ 1,899,000	$ 72,000	$ 106,000
Total intrinsic value of options exercised	5,934,000	236,000	387,000
Total fair value of options vested	87,000	200,000	363,000
Total cash received from the exercise of options	4,031,000	297,000	313,000
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	$ 1,998,000	$ 300,000	$ 313,000

Note 13 - Restricted Stock Awards (Details)	12 Months Ended
Note 13 - Restricted Stock Awards (Details)	Nov. 28, 2015 $ / shares shares
July 17, 2013 [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	37,800
(in dollars per share) \| $ / shares	$ 16.64
	2 years 219 days
January 15, 2014 [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	48,000
(in dollars per share) \| $ / shares	$ 14.12
	1 year 36 days
January 14, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	40,000
(in dollars per share) \| $ / shares	$ 20.21
	2 years 36 days
April 1, 2015 [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	6,354
(in dollars per share) \| $ / shares	$ 28.33
	109 days
July 14, 2015 [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	2,000
(in dollars per share) \| $ / shares	$ 38.02
	2 years 219 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	134,154

Note 14 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 14 - Income Taxes (Details Textual) - USD ($)	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
State and Local Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	$ 12,715,000
Other Current Assets [Member]
Liability for Uncertain Tax Positions, Current		$ 1,370,000
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	1,998,000	300,000	$ 313,000
Deferred Tax Assets, Valuation Allowance	0	70,000	1,044,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	70,000	$ 974,000	(136,000)
Effect Of Change In Deferred Tax Assets Valuation Allowance On Basic Earnings Per Share		$ 0.09
Income Taxes Paid, Net	5,906,000	$ 2,367,000	2,723,000
Unrecognized Tax Benefits Excluding Interest And Penalties		1,236,000
Unrecognized Tax Benefits Interest Expense Recovery	(144,000)	7,000	23,000
Unrecognized Tax Benefits Income Tax Penalties Expense Recovery	$ 3,000	$ 10,000	$ 31,000

Note 14 - Components of Income Tax Provision (Benefit) (Details) - USD ($)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Current:
Federal	$ 7,972,000	$ 4,168,000	$ 759,000
State	1,533,000	596,000	50,000
Deferred:
Increase (decrease) in valuation allowance	(70,000)	(974,000)	136,000
Federal	1,520,000	221,000	1,970,000
State	480,000	1,297,000	176,000
Total	$ 11,435,000	$ 5,308,000	$ 3,091,000

Note 14 - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Statutory federal income tax rate	35.00%	35.00%	34.00%
Adjustments to state net operating loss carryforwards		3.30%
Change in income tax valuation allowance	(0.10%)	(3.70%)	1.70%
Change in income tax reserves	0.10%	(1.70%)	0.10%
State income tax, net of federal benefit	4.40%	4.90%	3.70%
Benefit of goodwill basis difference	(3.20%)
Other	(0.30%)	(1.50%)	(1.70%)
Effective income tax rate	35.90%	36.30%	37.80%

Note 14 - Income Tax Effects Of Temporary Differences And Carryforwards (Details) - USD ($)	Nov. 28, 2015	Nov. 29, 2014
Deferred income tax assets:
Trade accounts receivable	$ 506,000	$ 483,000
Inventories	2,420,000	2,384,000
Notes receivable	1,795,000	1,599,000
Retirement benefits	6,992,000	6,093,000
State net operating loss carryforwards	927,000	1,141,000
Unrealized loss from affiliates	356,000	595,000
Lease termination accruals	219,000	167,000
Net deferred rents	2,674,000	2,251,000
Other	1,946,000	1,699,000
Gross deferred income tax assets	17,835,000	16,412,000
Valuation allowance	0	(70,000)
Total deferred income tax assets	17,835,000	16,342,000
Deferred income tax liabilities:
Property and equipment	3,093,000	282,000
Intangible assets	860,000
Unrealized gains from affiliates	8,000	963,000
Prepaid expenses and other	403,000	128,000
Total deferred income tax liabilities	4,364,000	1,373,000
Net deferred income tax assets	$ 13,471,000	$ 14,969,000

Note 14 - Summary of Valuation Allowances Against Deferred Tax Assets (Valuation Allowance of Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Balance	$ 70	$ 1,044	$ 908
Additions charged to expense			136
Deductions reducing expense	(70)	(974)
Balance		$ 70	$ 1,044

Note 14 - Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Balance, beginning of the year	$ 1,236	$ 1,497	$ 1,228
Gross increases	12		401
Gross decreases due to settlements	(1,236)	(221)
Gross decreases primarily due to the expiration of statutes		(40)	(132)
Balance, end of the year	$ 12	$ 1,236	$ 1,497

Note 15 - Restructuring, asset impairment, and other changes (Details Textual) - USD ($)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Employee Severance [Member]
Restructuring Charges	$ 449,000	$ 0	$ 0
Leasehold Improvements [Member]
Asset Impairment Charges	106,000
Restructuring, Settlement and Impairment Provisions	(449,000)	0	0
Gain (Loss) on Contract Termination	(419,000)	0	0
Restructuring Charges	449,000
Asset Impairment Charges	$ 106,000

Note 15 - Activity Related to Accrued Lease Exit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 28, 2015	Nov. 29, 2014
Balance, beginning of the year	$ 433	$ 907
Provisions associated with Company-owned retail stores	419
Provisions made to adjust previous estimates	111	14
Payments on unexpired leases, net of sublease rent received	(410)	(510)
Accretion of interest on obligations	13	22
Balance, end of the year	566	433
Current portion included in other accrued liabilities			$ 351	$ 117
Long-term portion included in other long-term liabilities			215	316
	$ 433	$ 433	$ 566	$ 433

Note 16 - Income from the Continued Dumping and Subsidy Offset Act (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Income from Continued Dumping and Subsidy Offset Act	$ 1,156

Note 17 - Leases and Lease Guarantees (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Minimum [Member] \| Retail Stores [Member]
Operating Lease, Lease Term	1 year
Renewal Term On Operating Lease	5 years
Minimum [Member] \| Transportation Equipment Leases [Member]
Operating Lease, Lease Term	2 years
Minimum [Member]
Lease Guarantees Term	1 year
Maximum [Member] \| Retail Stores [Member]
Operating Lease, Lease Term	15 years
Renewal Term On Operating Lease	15 years
Maximum [Member] \| Transportation Equipment Leases [Member]
Operating Lease, Lease Term	7 years
Maximum [Member]
Lease Guarantees Term	10 years
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 2,494	$ 3,164
Operating Leases, Rent Expense	26,382	19,903	$ 18,403
Real Estate Rental Income (Loss), Net of Expense	(181)	(248)	$ (594)
Loss Contingency, Estimate of Possible Loss	$ 2,441	$ 3,046

Note 17 - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) $ in Thousands	Nov. 28, 2015 USD ($)
Retail Segment [Member]
Fiscal 2016	$ 18,490
Fiscal 2017	16,651
Fiscal 2018	14,140
Fiscal 2019	12,251
Fiscal 2020	10,916
Thereafter	27,461
Total future minimum lease payments	99,909
Distribution Centers [Member]
Fiscal 2016	4,087
Fiscal 2017	3,946
Fiscal 2018	2,696
Fiscal 2019	1,731
Fiscal 2020	1,230
Thereafter	4,278
Total future minimum lease payments	17,968
Transportation Equipment Leases [Member]
Fiscal 2016	2,779
Fiscal 2017	1,979
Fiscal 2018	806
Fiscal 2019	755
Fiscal 2020	671
Thereafter	30
Total future minimum lease payments	7,020
Fiscal 2016	25,356
Fiscal 2017	22,576
Fiscal 2018	17,642
Fiscal 2019	14,737
Fiscal 2020	12,817
Thereafter	31,769
Total future minimum lease payments	$ 124,897

Note 17 - Minimum Future Rental Income (Details) $ in Thousands	Nov. 28, 2015 USD ($)
Fiscal 2016	$ 2,132
Fiscal 2017	2,119
Fiscal 2018	1,589
Fiscal 2019	1,247
Fiscal 2020	1,194
Thereafter	359
Total minimum future rental income	$ 8,640

Note 19 - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Numerator:
Net income	$ 20,433	$ 9,299	$ 5,096
Denominator:
Denominator for basic income per share - weighted average shares (in shares)	10,701,829	10,552,462	10,721,652
Effect of dilutive securities (in shares)	141,198	140,569	150,897
Denominator for diluted income per share — weighted average shares and assumed conversions (in shares)	10,843,027	10,693,031	10,872,549
Basic income per share:
Net income per share — basic (in dollars per share)	$ 1.91	$ 0.88	$ 0.48
Diluted income per share:
Net income per share — diluted (in dollars per share)	$ 1.88	$ 0.87	$ 0.47

Note 19 - Antidilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Employee Stock Option [Member]
Antidilutive securities (in shares)		150,000	472,500
Restricted Stock [Member]
Antidilutive securities (in shares)	8,354		81,295
Antidilutive securities (in shares)	8,354	150,000	553,795

Note 20 - Segment Information (Details Textual) $ in Thousands	9 Months Ended	12 Months Ended
	Aug. 29, 2015 USD ($)	Nov. 28, 2015 USD ($)	Nov. 29, 2014 USD ($)	Nov. 30, 2013 USD ($)
Zenith Freight Lines [Member]
SGA Expenses Excluding New Store Pre-opening Costs	$ 73,722
Number of Reportable Segments	3
SGA Expenses Excluding New Store Pre-opening Costs		$ 224,050	$ 166,073	$ 155,318

Note 20 - Segment Information, by Segment (Details)	12 Months Ended
Note 20 - Segment Information, by Segment (Details)	Nov. 28, 2015 USD ($)	Nov. 29, 2014 USD ($)	Nov. 30, 2013 USD ($)
Operating Segments [Member] \| Wholesale Segment [Member] \| Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital Expenditures
Capital expenditures	$ 4,898	$ 4,527	$ 3,839
Operating Segments [Member] \| Wholesale Segment [Member]
Net Sales
Net Sales	252,180,000	223,993,000	215,451,000
Income (loss) from Operations
Income (loss) from Operations	15,618,000	14,120,000	10,883,000
Depreciation and Amortization
Depreciation and amortization	2,075,000	1,972,000	1,826,000
Identifiable Assets
Identifiable Assets	146,878,000	154,319,000	148,518,000
Operating Segments [Member] \| Retail Segment [Member] \| Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital Expenditures
Capital expenditures	7,077	13,836	10,846
Operating Segments [Member] \| Retail Segment [Member]
Net Sales
Net Sales	249,379,000	216,631,000	199,380,000
Income (loss) from Operations
Income (loss) from Operations	6,170,000	(528,000)	(1,452,000)
Depreciation and Amortization
Depreciation and amortization	5,428,000	5,344,000	4,372,000
Identifiable Assets
Identifiable Assets	88,878,000	86,471,000	77,331,000
Operating Segments [Member] \| Logistical Services [Member] \| Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital Expenditures
Capital expenditures	1,999
Operating Segments [Member] \| Logistical Services [Member]
Net Sales
Net Sales	77,250,000
Income (loss) from Operations
Income (loss) from Operations	3,528,000
Depreciation and Amortization
Depreciation and amortization	2,634,000
Identifiable Assets
Identifiable Assets	46,787,000
Intersegment Eliminations [Member] \| Logistical Services [Member]
Net Sales
Net Sales	(33,728,000)
Intersegment Eliminations [Member] \| Furniture and Accessories [Member]
Net Sales
Net Sales	(114,154,000)	(99,886,000)	(93,545,000)
Intersegment Eliminations [Member]
Income (loss) from Operations
Income (loss) from Operations	1,647,000	1,539,000	574,000
Net Sales	430,927,000	340,738,000	321,286,000
Income (loss) from Operations	25,989,000	15,131,000	10,005,000
Lease exit costs	(419,000)	0	0
Asset impairment charges	(106,000)
Management restructuring costs	(449,000)	0	0
Depreciation and Amortization
Depreciation and amortization	10,137,000	7,316,000	6,198,000
Capital Expenditures
Capital expenditures	13,974	18,363	14,685
Identifiable Assets
Identifiable Assets	$ 282,543,000	$ 240,746,000	$ 225,849,000

Note 20 - Breakdown of Wholesale Sales by Product Category (Details)	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Wood [Member]
Percent of wholesale sales	37.00%	39.00%	41.00%
Upholstery [Member]
Percent of wholesale sales	63.00%	61.00%	59.00%
Percent of wholesale sales	100.00%	100.00%	100.00%

Note 21 - Quarterly Results of Operations (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013	Feb. 01, 2015
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage				49.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 7,212
Income Tax Expense (Benefit)	2,777
Continued Dumping & Subsidy Offset Act [Member]
Income Tax Expense (Benefit)	410
Goodwill [Member]
Income Tax Expense (Benefit)	1,111
Former Executive [Member]
Proceeds from Life Insurance Policies	662
Total Lease Exit Costs	525
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	7,212
Income Tax Expense (Benefit)	11,435	5,308	3,091
Restructuring Charges	449
Income from Continued Dumping and Subsidy Offset Act, Net	$ 1,066

Note 21 - Quarterly Results of Operations (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 28, 2015

^[1]

Aug. 29, 2015

May 30, 2015

^[2]

Feb. 28, 2015

^[3]

Nov. 29, 2014

Aug. 30, 2014

May 31, 2014

Mar. 01, 2014

^[4]

Nov. 28, 2015

Nov. 29, 2014

Nov. 30, 2013

Net Sales

Furniture and accessories

$ 101,283

$ 97,107

$ 99,467

$ 89,548

$ 94,720

$ 85,186

$ 85,185

$ 75,647

$ 387,405

$ 340,738

$ 321,286

Logistics

14,273

13,904

12,086

3,259

43,522

Total sales revenue

115,556

111,011

111,553

92,807

94,720

85,186

85,185

75,647

430,927

340,738

321,286

Cost of furniture and accessories sold

45,616

44,824

46,921

41,930

42,883

40,168

39,872

35,394

179,291

158,317

155,292

Income from operations

8,706

7,692

6,714

2,877

6,755

3,399

3,891

1,086

25,989

15,131

10,005

Net income

$ 5,682

$ 4,266

$ 4,529

$ 5,956

$ 3,649

$ 2,256

$ 2,551

$ 843

$ 20,433

$ 9,299

$ 5,096

Net income per share — basic (in dollars per share)

$ 0.53

$ 0.39

$ 0.42

$ 0.57

$ 0.35

$ 0.22

$ 0.24

$ 0.08

$ 1.91

$ 0.88

$ 0.48

Net income per share — diluted (in dollars per share)

$ 0.52

$ 0.39

$ 0.42

$ 0.56

$ 0.35

$ 0.21

$ 0.24

$ 0.08

$ 1.88

$ 0.87

$ 0.47

[1]	Net income includes the effect of a $1,111 tax benefit arising from purchase accounting adjustments affecting the deductible basis of goodwill (see Note 14).
[2]	Income from operations includes management restructuring charges of $449 (see Note 15). Net income includes income of $1,066 from the CDSOA, net of related income tax effects of approximately $410 (see Note 16).
[3]	Income from operations includes asset impairment charges and lease exit costs totaling $525 (see Note 15). Net income includes a gain of $7,212, net of income tax effects of approximately $2,777, resulting from the remeasurement of our prior ownership interest in Zenith upon acquisition (see Note 3).
[4]	Net income includes $662 of income from death benefits from life insurance policies covering a former executive.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Schedule II - Analysis of Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 28, 2015

Nov. 29, 2014

Nov. 30, 2013

Allowance for Doubtful Accounts [Member]

Balance

$ 1,249

$ 1,607

$ 1,789

Additions Charged to Cost and Expenses

216

361

Deductions reducing expense

^[1]

(67)

(435)

(543)

Other

209

^[2]

Balance

1,175

1,249

1,607

Allowance for Notes Receivable [Member]

Balance

4,139

Additions Charged to Cost and Expenses

582

Deductions reducing expense

^[1]

(75)

Other

Balance

4,646

4,139

Income Tax Valuation Allowance [Member]

Balance

1,044

908

Additions Charged to Cost and Expenses

136

Deductions reducing expense

^[1]

(70)

(974)

Other

Balance

1,044

Balance

1,044

908

Additions Charged to Cost and Expenses

136

Deductions reducing expense

(70)

(974)

Balance

$ 70

$ 1,044

[1]	Deductions are for the purpose for which the reserve was created. Deductions from the income tax valuation allowance for the years ended November 30, 2013 were due to the removal of the majority of our valuation allowance.
[2]	Represents reserves of acquired company at date of acquisition.