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bset20160714_8k.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported) July 13, 2016

 

 

BASSETT FURNITURE INDUSTRIES, INCORPORATED

(Exact name of registrant as specified in its charter)

 

 

         

VIRGINIA

 

0-209

 

54-0135270

(State or other jurisdiction of

incorporation or organization)

 

(Commission File No.)

 

(I.R.S. Employer

Identification No.)

 

     

3525 FAIRYSTONE PARK HIGHWAY

BASSETT, VIRGINIA

 

24055

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code 276/629-6000

  

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 
 
 

 

Item 5.02

Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

 

(d) Director Election

 

On July 13, 2016, the Board elected John R. Belk as a director. Mr. Belk was elected to serve until the 2017 Annual Meeting of Stockholders and thereafter if re-elected until his successor is duly elected and qualified. Mr. Belk was elected upon the recommendation of the Organization, Compensation and Nominating Committee of the Board.  The Board has not made a determination as to a Board committee on which Mr. Belk will serve. Mr. Belk will receive compensation for his Board service as a non-employee director consistent with the Company’s director compensation program as described in the Company’s most recent proxy statement, and the Board has determined that Mr. Belk is an independent outside director. Mr. Belk served as President and Chief Operating Officer of Belk, Inc. from May 2004 to January 2016 and also served as a director of Belk, Inc., from 1998 to 2015. Mr. Belk is a director of Belk/Sycamore, and is the Vice Chair of The Belk Foundation. From 1997 to 2014, Mr. Belk was a director of Harris Teeter Supermarkets, Inc. (formerly Ruddick Corporation). From 2004 to 2007, Mr. Belk was a director of Bank of America, and was a director of Alltel Corporation from 1996 to 2007.

 

 

Item 8.01

Other Events

 

 

On July 14, 2016 Bassett Furniture Industries issued a news release relating to the declaration of a regular quarterly dividend of $0.10 per share on outstanding common stock payable on August 26, 2016, to shareholders of record at the close of business August 12, 2016. This represents an 11% increase over the previous quarterly dividend. A copy of the news release with this information is attached to the report as Exhibit 99.

 

Item 9.01

Financial Statements and Exhibits

 

Exhibit 99            News release issued by Bassett Furniture Industries, Inc. on July 14, 2016 

 

 
 
 

  

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

BASSETT FURNITURE INDUSTRIES, INCORPORATED

 

 

 

 

 

 

 

 

 

Date: July 14, 2014 

By:

/s/ J. Michael Daniel

 

 

J. Michael Daniel

 

 

Title:

Senior President - Chief Financial Officer

 

ex99.htm

Exhibit 99

 

 

 

 

 

Bassett Furniture Industries, Inc. 

J. Michael Daniel, Senior Vice

P.O. Box 626

President and Chief Financial

Bassett, VA 24055

Officer

 

(276) 629-6614 - Investors

 

 

 

Jay S. Moore, Director of

 

Communications

For Immediate Release

(276) 629-6450 – Media

   

 

 

Bassett Furniture News Release

Bassett Announces Board Appointment & Increases Quarterly Dividend

 

Bassett Furniture Industries, Inc. (BSET) announced that on July 13, 2016, John R. Belk, former President and Chief Operating Officer of Belk, Inc., was elected a member of its Board of Directors. The Company’s Chairman and CEO, Robert H. Spilman, Jr., said “We are pleased and excited to have a director of Johnny Belk’s caliber join our Board. Johnny has more than thirty years of experience in retail as well as two decades of public company board service, making him a welcome and valuable addition.”

 

Mr. Belk joined Belk, Inc. in 1983 and served as President and Chief Operating Officer of Belk, Inc. from May 2004 to January 2016 and as a director from 1998 to 2015. He now serves as a Director of Belk/Sycamore and as the Vice Chair of The Belk Foundation. From 1997 to 2014, Mr. Belk was a director of Harris Teeter Supermarkets, Inc. (formerly Ruddick Corporation). Mr. Belk was a director of Bank of America from 2004 to 2007, and was a director of Alltel Corporation from 1996 to 2007.

 

Bassett Furniture Industries, Inc. also announced today that its Board of Directors has declared a regular quarterly dividend of $0.10 per share on outstanding common stock payable on August 26, 2016, to shareholders of record at the close of business August 12, 2016. This represents an 11% increase over the previous quarterly dividend.

 

 

 

Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality, mid-priced home furnishings. With 90 company- and licensee-owned stores, Bassett has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. Bassett’s retail strategy includes affordable custom-built furniture that is ready for delivery in the home within 30 days. The stores also feature the latest on-trend furniture styles, free in-home design visits, and coordinated decorating accessories. Bassett also maintains its traditional wholesale business with more than 600 accounts in the open market, across the United States and internationally. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)

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